Shoosmiths acts on Packaged Living’s first co-living site acquisition

Shoosmiths has advised on the acquisition of the first site as part of Packaged Living’s new co-living strategy.

The law firm acted for the living sector investor, developer, and operator on the purchase of the site in Woolwich, southeast London, which will be home to a £40m co-living scheme.

Packaged Living acquired the site alongside its development joint venture partner, Buccleuch Property. Currently a mixed-use commercial property leased to retail and office occupiers, the site is set to be transformed into a 150-home co-living development.

Shoosmiths advised on the real estate and tax aspects of the deal, including conducting due diligence and drafting the acquisition documents. This transaction marks the first major development under Packaged Living’s co-living strategy and the third collaboration between Packaged Living and Buccleuch, following two previous build to rent multi-family schemes.

Ed Owen, investment director at Packaged Living, said:

“Following detailed analysis of the co-living sector in London, we are delighted to have now launched our strategy and secured our first asset. The demand-supply imbalance for high quality, professionally managed, rental housing in London is high and we see co-living as part of the solution to help ease the supply shortfall. Alongside our complimentary strategies in regional multifamily, garden style housing, and single-family housing, we are actively seeking further opportunities across London to build out our co-living portfolio.”

The law firm’s deal team was led by partner and living sector co-head Judy Fawcett, supported by senior associate Vicky Masterson and tax partner Daniel Kennedy.

Judy Fawcett, partner and living sector co-head at Shoosmiths, said:

“Co-living is an exciting and growing segment of the build to rent and wider living sector. The model offers distinct features, such as greater flexibility, affordability, and a strong sense of community. We’re seeing increasing interest from clients assessing its potential, with experienced firms like Packaged Living now entering the space and driving its evolution.

“We are proud to have advised on this landmark acquisition and look forward to supporting Packaged Living as it implements its co-living strategy. 

“Beyond this, Shoosmiths’ living sector specialists are also contributing to shaping the model’s future, collaborating on the ‘Why Co-Living?’ industry campaign led by Conscious Coliving. This initiative is highlighting how co-living developments can support urban regeneration and provide high-quality, professionally managed rental homes in the UK.”