Olympian Homes has successfully obtained Gateway 2 approval for its ambitious plan to construct a striking 46-storey co-living tower located at 56 Marsh Wall in London’s iconic Canary Wharf. This development is poised to become the tallest co-living scheme in the UK, a noteworthy achievement that underscores the evolving landscape of purpose-built student accommodation (PBSA) in urban settings.
Project Overview and Specifications
The project, featuring 833 studio apartments, stands out as the tallest of its kind to have successfully navigated the Building Safety Regulator’s stringent requirements. The contractor for this innovative initiative, RG Group, is set to deliver the developer’s inaugural wholly co-living scheme under the newly launched Vivus Living brand. This brand is anticipated to expand with additional planned projects throughout London.
Development Timeline and Construction Plans
Leeds-based Demolition Service is scheduled to commence site clearance activities in April, with RG Group expected to break ground on the Docklands site this Autumn. The proposed tower will introduce studios averaging 24 square metres, slightly exceeding the dimensions typical in the current market, indicating a trend towards more spacious and comfortable living environments.
Amenities and Lifestyle Offerings
In a bid to enhance the living experience, the tower will include a variety of communal amenities distributed across the building, rather than centralised at a podium or rooftop level. Residents will benefit from facilities such as a commercial-scale gym, spa and wellness areas, living and dining lounges, as well as flexible workspaces. Additionally, the development will feature a hotel-style offering, complete with a 24-hour concierge service, food and beverage options including room service, and private meeting and function rooms.
Market Context and Future Prospects
As of last year, Olympian Homes has approximately 1.8 million square feet of PBSA and build-to-rent projects underway across six sites. The Marsh Wall project signifies the company’s first foray into the co-living sector. With a robust pipeline identified in London valued at £2 billion, Vivus Living aims to initially focus on this vibrant market before expanding into other major cities across the UK.
To facilitate this ambitious rollout, Savills has been engaged to seek equity partners for both the Marsh Wall scheme and the broader Vivus initiative. Mark Slatter, Chairman and founder of Olympian Homes, remarked on this pivotal accomplishment, stating, “This milestone is the culmination of five years of hard work on the planning and the Gateway 2 process. It has not been easy, but the BSR regime is improving all the time.” He went on to express that, “In my 33 years in the business, this scheme and the Vivus brand is by far the most exciting project I have been involved with, and we look forward to finding the right equity partners in this still very challenging market to deliver this much-needed affordable alternative to BTR.”