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The Sun
2 hours ago
- Business
- The Sun
Once-thriving Debenhams store loved in the 90s to be transformed into cinema, gym & hundreds of homes
A DEBENHAMS that was once a bustling shopping hub is set to be transformed into a co-living space. The former store is set to be demolished and replaced by a ten-storey block with a cinema, gym and podcast studio. 2 Similar to student halls, the plan submitted to Chelmsford City Council envisages 181 single-occupancy rooms. If approved, each room will have a bed, kitchenette and an ensuite bathroom. They will also have a wardrobe, desk and storage. The communal spaces will contain facilities like a lounge, co-working space, event space, a gym, cinema and podcast studio. The shared areas will be available to the public on an invite-only basis. The vision for the development is to provide young professionals with affordable living spaces. Co-living housing is a new concept that is defined by a large-scale purpose-built shared accommodation. In cities, there has been a rise in single people and couples living in warehouses and large disused buildings for cheap rent. Savills have said that co-living schemes are a way to tackle the cripling housing crisis by "offering shared affordable, high quality accommodation, predominantly for 18 to 40-year-olds, with fully furnished private living units, communal areas and often flexible working space'. A planning statement said: 'The site sits in a primary location within the Chelmsford City Centre, opposite the River Chelmer and within walking distance to Chelmsford High Street, and to both Chelmsford train station and bus station. It was formerly in use as the servicing block to the adjacent Debenhams department store. "However, it is now redundant with limited scope for it to be brought back into use for retail servicing. "On this basis, it presents as a highly sustainable brownfield site with substantial scope to enhance and contribute towards the wider strategic goals of Chelmsford." This comes after another former Debenhams was given a new lease of life as an entertainment venue. After the business went into administration in 2020, hundreds of the huge department stores were left empty on UK high streets. Now, one of the abandoned stores has been completely transformed into the ultimate entertainment space. The Debenhams in Midsummer Place, Milton Keynes has been revamped by entertainment company Lane 7. The 40,000 square foot space has been kitted out with a bowling alley, roller skating rink, golf simulators, bumper cars, pool tables and a gaming experience. Lane 7's Luke Harvey said: "The culture of what people want from their nights out has changed a lot recently, the shift from being a drinking culture has stopped a little bit, especially for 18-24 year olds. "People want a little more from their nights out; they don't necessarily want to go to a nightclub anymore. "They want something fun and something they can do with a range of different friends and families." Since opening in March, the venue has seen about 2,300 visitors on its busiest days which are usually Friday nights and evenings. The entertainment company has taken over the ground floor, while Sports Direct occupies the upper floors. Although shoppers can still buy from Debenhams online, all of its 124 beloved high street stores closed down because of falling profits and rising debt. The financial problems were triggered by a combination of consumers moving online, as well as Covid lockdowns which stalled profits. Across the country, councils and developers have been repurposing former Debenhams stores. One in Northampton was demolished and replaced by student housing in October 2024, a fate that will follow for the two other stores left in the city. 2
Times of Oman
08-05-2025
- Business
- Times of Oman
India's Co-living market inventory set at 1 million beds by 2030: Colliers
New Delhi: Increasing urbanisation and continued migration of students and young professionals to urban centres has increased the demand for flexible, affordable, and community-oriented housing solutions. A report by Colliers said that because of such a demand India's co-living sector inventory is expected to reach 1 million beds by 2030. The co-living market is witnessing positive growth trajectory, helped by "demand rebounding strongly in recent years and operators gearing up for expansion across Tier I cities and select Tier II cities," said the news release. "We are already witnessing steady expansion into select Tier II markets such as Indore, Coimbatore, Chandigarh, Jaipur, Visakhapatnam, Dehradun etc. The co-living market, estimated at around INR 40 billion in 2025, has the potential to grow over five times and reach close to INR 200 billion by 2030," said Vimal Nadar, National Director & Head of Research, Colliers India. According to the release, there is a rental arbitrage of up to 35 per cent in a comparison between single-occupancy co-living facilities and traditional 1 BHK units, as of April 2025. The market suffered a low patch during the time of pandemic, but now it has rebounded and currently 50 million migrant populations within the age range of 20 to 34 are major demand base for organized co-living sector. On the other hand, the co-living market stock in India is estimated at around 0.3 million beds and the estimated demand for organized co-living beds in 2025 is 6.6 million, indicating a significant demand-supply gap. The report suggests that, this demand-supply gap can be seen as an opportunity for "student housing-focused operators to foray into the market with professionally managed, student-centric housing solutions that can alleviate supply-side constraints and support the evolving needs of India's student population."
