Unite Students has completed the acquisition of Jubilee House, in Stratford, E15, from Schroders Capital UK Real Estate Fund for £73m.
The office building has full planning consent for a 36-storey scheme, providing 716 student beds.
The development in Farthingale Walk, will also incorporate 65,000 sq ft of academic space, which will be occupied by the London Academy of Excellence for an initial 35-year term.
Work is expected to start in Q2 2023, with total development costs estimated at £185m. The student accommodation element of the scheme is scheduled for completion in time for the 2026/27 academic year.
The student accommodation is being delivered as a university partnership, with the majority of the beds to be let to a London university under a nomination agreement.
Unite CFO Joe Lister said: “This is an exciting opportunity in a great location, where we already provide homes to over 2,000 young people, and underpins our ongoing commitment to help meet London’s much-needed student accommodation demands.”
Schroders Capital fund manager Rob Cosslett added: “We are delighted to complete the sale of Jubilee House to Unite, following the combined efforts of our team and development partners to secure planning permission at the site, alongside an agreement for lease with the London Academy of Excellence. The conversion of Jubilee House into student accommodation is set to be an exciting project which perfectly suits the needs of the surrounding community.”
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