Developers Bilford has announced it intends to convert its unbuilt 31 storey student housing scheme in Southwark into luxury flats.
The 15,8638 sq ft scheme received approval from the council in 2011 after a four-year battle due to its height. At 357 ft it would have been the tallest student housing block in the capital. The design will stay the same but will now provide 119 luxury flats rather than 470 student digs.
To build the proposed flats Bilford will have to demolish a 10-storey office building on 40-46 Weston Street, SE1.
Soaring land prices in London have caused many student housing groups to look outside the capital. University accommodation provider Unite was putting more than 90% of its money into London before 2013, now 60% of its cash is spent in the regions.
Marcus Roberts, head of student development and investment at Savills, said Bilford’s decision to change the project’s use, “isn’t surprising because it provides a more lucrative return for the investors”.
Bilford has agreed a deal with Leathermarket Community Benefit Society to provide 33 council homes on the corner of Weston Street and Guy Street rather than providing affordable housing on The Quill site.
