Former Cardiff Office Building Transformed into Wales’ First Co-Living Scheme
In a significant development for the city of Cardiff, a former prime office building is set to become Wales’ first-ever co-living scheme, offering over 200 apartments for rent. The Knox Court building on Newport Road is undergoing a transformative process, with the project gaining momentum following a funding injection of over £30 million. Urban Centric, the developer behind the scheme, sealed a £23.8 million debt deal with Shawbrook, in addition to a £7.6 million equity injection from Housing Growth Partnership, a part of Lloyds Banking Group.
The ambitious project, slated for completion in January 2026, will see the creation of 206 rental apartments, communal areas, and office units on the ground floor. The funding secured will facilitate construction activities, including the addition of two new floors, and support tenant recruitment efforts. The building had been unoccupied since financial services firm L&G relocated its staff to a new Welsh headquarters at the Interchange scheme in the Central Square development around Cardiff Central Station.
Andrew Wood, director of Urban Centric, expressed pride in delivering Wales’ pioneering co-living scheme in collaboration with partners and supporters. He highlighted the instrumental role of Shawbrook in realising the project, citing their flexible and tailored funding approach. John Hughes, senior relationship director at Shawbrook, emphasised the significance of co-living as a community-focused living option that aligns with modern urban residents’ preferences for affordability and connectivity.
Mike Murphy, director of Housing Growth Partnership, underscored the growing importance of equity funding in fostering vibrant communities and addressing housing demand in key cities. The partnership with Urban Centric reflects a commitment to innovative living solutions, with a focus on city centre advantages and social infrastructure. Urban Centric’s acquisition of the Knox Court building in 2022 from Maya Capital laid the foundation for this transformative project.
The venture marks a strategic move towards addressing urban housing needs in Wales, catering to the evolving preferences of residents seeking community-oriented living environments. With a vision to bring together affordability and connectivity in a shared living space, the co-living scheme is set to redefine residential offerings in Cardiff. The innovative approach to housing development reflects a broader trend towards adaptive and sustainable urban living solutions, laying the groundwork for future projects aiming to meet the evolving needs of urban residents.
As Wales gears up to welcome its inaugural co-living scheme, the project signifies a pivotal moment in Cardiff’s urban landscape, offering a glimpse into the future of residential development in the region. The collaborative efforts of key stakeholders, including developers, financial partners, and supporters, exemplify a shared commitment to innovation and community-centric living solutions. With construction activities progressing steadily, the Knox Court building is poised to emerge as a flagship development, setting new standards for urban living in Wales.
In conclusion, the transformation of the former Cardiff office building into a groundbreaking co-living scheme underscores the dynamism and vision driving urban development initiatives in Wales. By embracing innovative living concepts and collaborative partnerships, developers and financiers are paving the way for a new era of residential options that prioritise affordability, connectivity, and community engagement. As the project nears completion, the anticipation is high for the unveiling of Wales’ premier co-living destination, heralding a new chapter in the evolution of urban living experiences.