Firethorn Trust has acquired a £75m purpose-built student accommodation development site in Hackney Wick, London.
The investor, developer and asset manager has acquired the site with planning permission to develop a 204-bed scheme, 35% of which will be affordable accommodation. It will include amenities, such as co-working study spaces, common rooms and a roof terrace.
In line with the London Plan, 51% of the accommodation, including the affordable rooms, will be nominated to a London university partner.
The development will also create approximately 15,000 sq ft of affordable and incubator workspace.
Marcus Weeks, director and head of living at Firethorn Trust, said: “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.”
Work on site is expected to commence in 2025 and completion targeted for the 2027/28 academic year.
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