City of London’s first co-living scheme progresses with Barbican office redevelopment

The City of London’s first co-living development is moving forward with the appointment of JJ Rhatigan as main contractor and a £78.1 million development loan secured for the project.

Located at 45 Beech Street, on the edge of the Barbican Estate, the scheme, known as Cornerstone, is being delivered by HUB and Bridges Fund Management. The project involves the adaptive reuse and extension of a 1950s office building to create 174 professionally managed co-living homes, designed by Allford Hall Monaghan Morris (AHMM).

The site has now completed strip-out works, with enabling works underway. Construction is expected to begin following Gateway 2 approval, with practical completion targeted for 2028. An application to the City’s Regulator is due in the coming weeks.

Funding for the next phase has been provided by Firma Partners, with BBS Capital acting as advisor. Cornerstone is the first co-living asset that HUB and Bridges will build and retain as part of a long-term asset management strategy.

The development will offer 49,000 sq ft of residential space and 8,000 sq ft of shared amenities, including co-working areas, a gym, communal lounges, a roof terrace, café and laundry. It aims to serve the City’s young and international workforce with centrally located, flexible accommodation.

Sustainability is a key aspect of the project. Around 90% of the existing substructure and 65% of the superstructure will be reused, resulting in a 34% embodied carbon saving compared to a typical new build. During strip-out, 99.8% of materials were recycled.

The design is intended to complement the neighbouring Barbican architecture and contribute to the broader revitalisation of the City’s Culture Mile. The location offers excellent connectivity, within walking distance of Barbican, Moorgate and Farringdon stations and close to the Elizabeth Line.

Tom Neylon, UK managing director at JJ Rhatigan, said: “Cornerstone is our fifth project with HUB, which is a credit to both teams consistently delivering at a high level. We are delighted to have been selected to deliver this landmark City scheme and to continue our relationship with HUB as the project moves into the next phase.”

Damien Sharkey, managing director at HUB, added: “Not only is Cornerstone our first co-living scheme in the City of London, but it is the first asset within our ultra-urban co-living portfolio that we will be retaining beyond PC and operating. We see enormous potential in the sector and its role in shaping the future of urban living.”