Hurlington Capital and Q Investment Partners have formed a joint venture to develop an £80m purpose-built student accommodation site in Woolwich, SE18.
The site, acquired by Hurlington in 2020, is situated within the multi-billion-pound regeneration of the former Royal Arsenal.
Hurlington acquired planning consent for the development in August 2022. It is the first PBSA scheme in the regeneration area and will provide 298 beds in a 50-50 mix of studios and cluster rooms.
Plans include space on the ground floor for community groups. It will also provide 35% affordable student accommodation and will target BREEAM Excellent and EPC A ratings.
The project is the first joint venture between QIP, a Singaporean-headquartered private equity real estate investor, and Hurlington.
QIP is investing the primary equity with alignment equity from Hurlington Capital, and both parties will share development management responsibilities.
Woolwich is QIP’s ninth asset in the UK and its debut in the London PBSA market.
Jamie Feldman, chief executive and founder of Hurlington Capital, said: “Marking our debut in the PBSA market, with three more schemes in planning, we’re immensely proud of our Woolwich development.
“Not only a best-in-class asset in itself, it delivers tangible social impact in a reflection of both Hurlington Capital’s values as a business and our commitment and hands-on approach to community engagement.
“There is a clear undersupply in student housing in London, which has resulted in this becoming a deeply attractive sector for those of us who have the risk appetite, backed by the expertise and strong track record, to take advantage of the opportunity.”
Peter Young, chief executive and co-founder of Q Investment Partners, said: “The UK’s PBSA market remains remarkably resilient and a compelling opportunity for investors who know the sector in detail.
“Hurlington Capital’s knowledge of the London residential market and ability to unlock complex planning challenges provides us with an exciting moment to expand and commit our capital into attractive schemes.”
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