CBRE has been appointed to sell Stennack Place, a newly completed co-living apartment development in the heart of St Ives, and is accepting offers in excess of £4.5m, on behalf of Devon-based independent homebuilder, Harrington Homes.
Stennack Place delivers a collection of high-quality, fully furnished en-suite bedrooms, designed for modern co-living.
The scheme is ideally positioned just 0.5 miles from St Ives town centre and one mile from St Ives Railway Station, offering easy access to Bristol, Exeter and London.
The surrounding area benefits from strong connectivity, with excellent local and regional bus links running along Higher Stennack / B3306. Nearby occupiers include Co-Op Food, St Ives Doctor’s Surgery, and Palemon Best Recreational Park.
The development directly addresses a growing need for high-quality and affordable rental accommodation in St Ives. Over half (51%) of all households in the town are single-person occupied, with a further 6% comprising home shares, both core audiences for co-living. The typical co-living rent in this property is around £600 per month, including bills. This form of accommodation offers an increasingly attractive solution for younger renters and early-career professionals, particularly as rental affordability continues to be a pressing issue across the UK.
With rental hubs accounting for 7% of the local population, a higher proportion than the Cornwall average, and strong rental growth continuing in the area, demand for well-designed, communal living options like Stennack Place is expected to continue to grow.
Nick Reed, Director of Residential Capital Markets at CBRE, commented: “Stennack Place represents an exciting opportunity to acquire a turnkey co-living investment in a desirable and fast-growing rental market. Co-living developments are typically concentrated in large urban centres, making this a unique and exciting opportunity in the prime location of St Ives.
“The strength of demand from the private rented sector, combined with the property's prime positioning and high-quality finish, makes this a compelling investment. We are seeking offers in excess of £4.5 million.”
