Firethorn Trust has acquired a purpose-built student accommodation (PBSA) development site in Hackney Wick London, under its growing Living platform.
Firethorn bought the property for an undisclosed amount and has been granted permission to construct 204 high-standard student bedrooms, 35% of which will be offered as affordable housing. The facility will include various amenities such as modern shared study spaces, communal areas, and an outdoor rooftop terrace.
Following the guidelines of the London Plan, 51% of the housing - including the affordable units - will be allocated to a London university partner. The remaining bedrooms will be available for direct rental to students.
The project will also provide around 1,400m2 of affordable and startup workspaces and will work closely with community organizations to support local businesses and entrepreneurs.
Prioritizing the creation of high-quality living spaces with superior specifications, this marks the second student housing project within Firethorn Living's expanding portfolio, following the purchase of a 230-bed PBSA site in Leith Walk, Edinburgh earlier this year.
Marcus Weeks, Director and Head of Living at Firethorn Trust, commented: “This acquisition reflects our ambition to create modern, sustainable living spaces in prime university locations across the UK. We are pleased to be playing our part in addressing the significant supply and demand imbalance for high-quality, affordable student housing in London, and look forward to working closely with local stakeholders to deliver a best-in-class development that will make a positive impact on both students and the neighbouring community.”
Set on the grounds of the former Broadwood piano factory, the development will preserve and incorporate the site’s historic brick chimney, originally built in 1902. Neighbouring the Queen Elizabeth Olympic Park, Hackney Wick is a 15-minute walk to both University Arts London and UCL East. The area is a vibrant student hotspot, offering a mix of bars and restaurants, with the convenience of Westfield Stratford nearby.
Work on site is expected to commence in 2025 and completion targeted for the 2027/28 academic year.
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