UNITE has received planning approval for the development of a new student property in Islington, London, comprising circa 900 beds. The 260,000 ft² (approx. 24,154 m²) has a forecast total development cost of £93 million and yield on cost of 8.8%.
The central London, 1.4 acre site on Holloway Road, was acquired from London Metropolitan University in 2013, subject to planning. It is situated in a highly desirable location with excellent transport routes to London’s top universities. 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.
The project is planned to be developed by The London Student Accommodation Vehicle (LSAV), UNITE’s 50:50 joint venture with GIC. The property in Islington alongside Wembley Park and Angel Lane in Stratford achieve 60% of LSAV’s target pipeline. The project is targeted for completion in the summer of 2016.
Richard Simpson, 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.”
The new development will be built to UNITE’s latest specification room design which provides a modern, high-quality look and feel, at a very competitive price point for London students. The accommodation will contain a mix of shared flats, with communal living and kitchen spaces, and self-contained studios. The plans also include common areas and study rooms interspersed with the accommodation, as well as a courtyard and several terraces, all designed to enhance the student experience, providing an environment that encourages success.
Source: Unite Group