The 913-bed development in Middlesex Street has been granted planning permission, subject to approval from the Greater London Authority.
Developed by the Unite Group, the scheme will generate a development yield in line with the company's target returns for University Partnership schemes in London and is expected to be delivered for the start of the 2021/22 academic year. The development will be funded from net proceeds of the February 2018 placing and committed banking facilities.
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The application has been supported through planning by Kings College London, with both parties working towards a long-term nomination agreement. The development reflects Unite's strategy of aligning its property portfolio to the best locations and high-ranking universities where student numbers are growing fastest.
This development adds to Unite's London pipeline, including the 678-bed forward fund development at First Way in Wembley.
(CM/MH)
