The UNITE Group plc, the UK's leading developer and manager of commercial student accommodation, has announced that it has secured resolution to grant planning consent for a new 951-bedroom development in Stratford, London, E15.
The scheme will represent a significant addition to UNITE's London portfolio, and marks a key milestone in the company's development target of delivering 4,000 new beds in the Capital by 2014.
The Stratford scheme, which received approval from the Olympic Delivery Authority planning committee this week, will provide professionally managed student accommodation to nearly 1,000 students in London. The development, which will total ca. 250,000 ft², (approx. 23,000 m²) including ca. 11,000 ft² of communal space and a courtyard on the first floor, will offer a range of cluster apartments and spacious studios, arranged over 28 storys, and will also provide 480 bicycle spaces.
Located in the heart of Stratford, next to Europe's largest urban shopping center, Westfield Stratford City, the scheme is situated near several key London universities and is well placed to cater for students studying in Newham, its neighboring boroughs and beyond. The development also benefits from excellent transport links, including the Central and Jubilee lines, the DLR and, from 2017, Crossrail. There is also high speed access to Kings Cross in seven minutes using Southeastern's service on HS1.
Richard Simpson, Managing Director of Property for UNITE, said: "The scheme in Stratford represents a further milestone in our target to substantially expand our presence in the key London market, and brings us a step closer to reaching our goal of creating 4,000 new beds in the Capital between 2012 and 2014.
"We are particularly excited about this scheme, and are confident that the continued investment being made in the area, as a result of the Olympic Games, coupled with a favorable and ongoing supply/demand dynamic in the student accommodation sector in London, will make this scheme a great success."
John Burton, Director of Westfield Stratford City, said: "This development is a great addition to Stratford and the transformation taking place in East London. The accommodation Unite propose to deliver will complement the retail and leisure at Westfield Stratford City as well as the 1.1 million ft² of offices we are delivering, together with homes and hotels.
"The area is undergoing major change and the opening of Westfield Stratford City this year represented the first piece of the long term legacy."
Source: FTI Consulting