Southern Grove’s student accommodation arm Future Generation has secured planning permission for an £80m scheme in Hackney Wick, E9.
The scheme, known as The Vogue, on Stour Road will have 330 rooms, of which 35% will be subject to affordable rents.
It will also house the local community arts organisation, Stour Space, on a 149-year lease on a peppercorn rent and has set aside 25% of the 20,537 sq ft of commercial space in the scheme for the not-for-profit body.
This will enable Stour Space to continue to offer free co-working space, affordable studio space and a gallery.
Andrew Southern, chairman of Future Generation and Southern Grove, said: “We have managed to deliver on a key ambition for the community with The Vogue and have raised the bar on the dividends that student accommodation can bring to the local area. We couldn’t be happier for Stour Space.
“Professional property development is not about cramming in as many bedrooms as you can and this student accommodation really is a cut above the rest.
“The Vogue will occupy a site that is currently relatively industrial but will come to represent a new regeneration centre for the community, encouraging new businesses to open to serve the thousands of people who will flow through the area every day.”
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