A new student residence in Hammersmith is set to go ahead after securing £105m of financing.
NatWest and Virgin Money have partnered to provide a three-year loan for the delivery of a 713-bedroom PBSA scheme at 181 Talgarth Road, W6. The scheme is being brought forward by a joint venture between Scape Living and Dominus Group.
The proposals also feature workspace and meeting rooms, a cinema, communal kitchens, a gym, roof terrace and bike storage. The building is targeting completion in June 2025, ready for the start of the 2025/26 academic year in September.
Scape intends to let 357 of the 713 rooms under a nominations agreement with a London university at an affordable rate capped by the mayor of London. The remaining rooms will be let privately.
The scheme is a short walk from Hammersmith Broadway station and is accessible to Imperial College London, University of Roehampton and King’s College London’s Strand campus, as well as several local higher education institutions.
Harry Daws, investment director at Scape, said: “Scape Hammersmith is a continuation of Scape’s journey to provide best-in-class student accommodation and will help to address the significant shortage of high-quality PBSA developments in London.”
DWF, CBRE and Gardiner & Theobald advised the lenders; Simmons & Simmons and Mayer Brown advised Scape.
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews
