Developer gets green light for £93m student property scheme
Published by Max Salsbury for 24dash.com in Housing and also in Development
A developer and manager of student accommodation has received planning approval for the development of a massive student property scheme in Islington.
Comprising circa 900 beds, the 260,000 square foot scheme has a forecast total development cost of £93 million and yield on cost of 8.8%.
The 1.4 acre site on Holloway Road in central London was acquired from London Metropolitan University in 2013.
It is hoped that the development will help regenerate the area through the provision of community space and commercial units for local businesses on the ground floor, with competitively priced and well managed student accommodation above.
Developer UNITE will deliver the project via the London Student Accommodation Vehicle (LSAV) - UNITE’s 50:50 joint venture with GIC.
The project will achieve 60% of LSAV's target pipeline, and is targeted for completion in the summer of 2016.
Richard Simpson, UNITES's managing Director of Property, said:
“We are delighted to have secured planning for this development in such a central London location. Islington is a vibrant, diverse part of the capital, popular with students and provides access to London’s many leading academic institutions.
“There is a significant shortfall of student accommodation in London which puts pressure on the residential housing market. This new development will not only help alleviate that, but will also contribute to the regeneration of one of London’s oldest boroughs and represents an important milestone in our development strategy.”