Just 184 more pledges at €1,750 to launch
and you can join us a month+ every year for life
or gain from a ~15% rental yield.
We're scouting properties across the Mediterranean to renovate and turn into a new kind of shared live+work space — for digital nomads, creators, entrepreneurs and anyone who fancies an amazing place to getaway from routine, on a workation, or to use as a part-time base.
Our goal is affordable co-ownership, giving use of the space's communal areas and accommodations from dorms to private studios… whilst also sharing the benefits of running it as a business with rental revenue creating passive income. Co-owners may participate in decoration, programming (e.g. retreats, talks, …), and future direction!
It's a shared home and workspace, in which members also share some purpose in life. You've got your own independent space and lifestyle, yet you've also got great common spaces and friendly faces crossing paths doing all sorts of stuff.
There's always someone to cook a meal with, watch a movie or even learn some reiki… by embracing diversity and serendipity in our spaces we create vitality. Yet with multiple workspaces you'll always be productive! Read about coliving at one of our favourite spaces, Sun and Co in Spain or checkout Playworking in Montenegro for balancing outdoor activities.
If many contributors indicate similar likes we can try to match them for our first property, with the following key criteria. But some things are unlikely e.g. surfing—good beach properties are expensive man! And year-round hot places are not green enough for long-term resilience. But don't worry about language, there'll always be folks around to help. 🙆
Located in the south of France with good access and a wonderful natural environment. A historic 1600's building on the market at €120,000 could become our rather splendid hub, having great potential for redevelopment of its 1,500m2 floorspace.
You may make a no-commitment pledge to invest any amount at this time corresponding to the returns or use that best suits you, and we'll be releasing the prospectus at a later date.
For your own use equivalent to one month of an ensuite every year, we're targetting a co-ownership share buy-in around €1,750 + around €250 recurring running costs (if not covered by profits). This compares versus mid-season rental at €550. Either way why would you stay in the city all year long? Get away for a while — make a pledge!
The property will be operated with revenues shared when co-ownership is unused or part-used, thus covering any share of running costs whilst also potentially providing a profit.
We prefer cheap openplan properties so we can better invest in dedicated facilities specific to use as a coliving hub, albeit at the cost of quite extensive labour and redevelopment time.
The property currently has 1,000 m2 of warehouses at the front that would be demolished to open up the courtyard onto the stream and restore the historic appearance. We would however keep the novel chimney! Anyone want to paint it? 🎨
The following are an indicative floorplan and do not represent a final layout.
Some very quick common space interior renders:
The low acquisition cost means significant labour is required, however we would utilise (paid) volunteers to help with rennovation and operations, keeping costs reasonable. Phased works could commence before full funding is acheived as the west wing will likely not be required until year 3.
Initial fitout includes all services and rooms to a functional level, such as studios with a hotplate and fridge, low-cost Ikea crockery or eclectic second-hands. Refinement of decoration would be undertaken either gradually through reinvestment as occupancy increases, with volunteering by co-owners, or an additional funding round. Costs do not include repointing the facades of the building, nor hydro/solar power.
Equity crowd-funding is the preferred approach for involving future members and investors directly with the project and will also be promoted on a dedicated real-estate crowdfunding platform, although it must be noted these charge around 8% of the total amount.
Other approaches will be considered especially with a view to establishing multiple locations (expansion plan) whether commercially or maintaining a social enterpise remit. We are therefore interested in dicussing other funding approaches and are seeking someone to lead this, on a typical commission/equity basis.
Co-ownership would be fractional, therefore any size shareholding is possible and the owner's usage would be offset against this. If holding 100% equivalent of a studio but only using 50% of the time, the co-owner would gain a share of revenues corresponding their unused part, versus a co-owner who holds 50% equivalent of an ensuite and uses the same, whom would receive no share and may need to contribute towards their share of operational costs when not covered by profits. Co-owners shall collectively vote on the allocation of profits.
This endeavour is being initiated by Jacob Jay, founder of the first ever coliving hub offering coliving with open-access coworking which was located in Delhi, India, and operated for four years. I will invest ~15% of the funds, and anyone wishing to make a signficant investment would be invited to become a cofounder and participate in the development with a small supplementary equity reward. Institutional investors may however be sought if the full cost is not raised, in which case the operational aspects may have to be adjusted.
If you're interested in participating please don't hesitate to reach out for further details and to share your expectations, or opportunities: email@example.com. Pledges are not contractual and no guarantee is made that it will secure you any share, however earlier pledges will have priority.