Pure Student Living, a London-focused student accommodation brand formed in a joint venture between global alternative asset manager, The Carlyle Group and Generation Estates, has announced the practical completion of its first property, the 400-bed Pure Highbury, located in Finsbury Park, North London.
Pure Highbury has been completed in time for the UCAS university clearing process on August 16, 2012 and will be open to students for the 2012/13 academic year. The 400 bed private residential hall is located just two minutes' walk from Finsbury Park underground station (zone 2) and within 20 minutes journey time of 18 London universities.
The building has been designed and completed following detailed discussions and interaction with existing students and tailored to meet the specific requirements and priorities of students living in London today, whilst the same time providing peace of mind through the property's market leading security.
Pure Student Living offers students the choice of either study-bed or studio type en-suite rooms and uses a simple all-inclusive pricing structure which provides competitive, value for money packages that include 10Mb internet provision, all utility bills, a 24-hour gym and fitness center and contents insurance, as well as 24-hour security and dedicated maintenance and housekeeping teams run by a residence manager, all for between £215 and £255 per week.
Pure Student Living continues to progress its plans to develop a further three student accommodation sites, Pure Hammersmith site, the former Hammersmith Palais concert venue and nightclub, Pure City, a scheme on Goswell Road in Islington and Pure Bankside, on Ewer Street in Southwark. These developments are due to be delivered during 2013 and 2014 and, once completed, will extend Pure Student Living's capacity to ca. 1,800 beds in London.
Pure Hammersmith will provide 418 rooms and is ideally located given the extreme shortage of purpose built student accommodation in West London. Ground works have already commenced on the site and the property, which will incorporate many features from the former iconic music venue, is expected to complete for the 2013 academic year.
Pure Bankside, in Ewer Street in Southwark, which is located close to major institutions including King's College London and the London School of Economics, will provide 150 rooms designed as single en-suite studios and will be completed for the 2013 academic year.
Pure Student Living was founded by global alternative asset manager, The Carlyle Group, which has pioneered student housing in the Netherlands through its The Student Hotel brand, and Generation Estates, whose management team has been responsible for circa. 5,000 high-quality, purpose built student beds in London since 2004.
Robert Hodges, Managing Director at The Carlyle Group, said: "The completion of Pure Highbury is an exciting and important milestone in our plans to create a substantial student accommodation platform in London. We intend to build a London portfolio of 4,000 5,000 beds over the next five years in order to capitalize on the current supply/demand balance, in which it is estimated that London currently faces a shortfall of 100,000 student bedrooms to meet demand.
Gareth Davies, Pure Student Living Co-Founder added: "The completion of Pure Highbury has delivered a much needed and fantastic new product to the London student accommodation market. Through our experience of the student market, and by talking directly to the students themselves, we believe we have created the ideal environment for today's student.
"Pure Highbury offers current, competitively-priced, secure residences which are well located in close proximity to most London universities and its emphasis on active, shared spaces will help to create a vibrant community feel amongst its residents. The UCAS clearing process starts on 16 August and we therefore anticipate Pure Highbury will be a leading choice for students once their university places are confirmed."
Source: FTI Consulting