Real estate investor, developer and asset manager, Firethorn Trust, has acquired a purpose-built student accommodation (PBSA) development site in Hackney Wick London, under its growing Living platform.
Firethorn purchased the site for an undisclosed sum, with planning permission to develop 204 high-quality student beds, 35% of which will be affordable accommodation. It will feature generous amenities, including modern co-working study spaces, common rooms and an outdoor 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 remaining beds will be available for direct let to students.
The development will also create approximately 1,400 sq. m. of affordable and incubator workspace, working closely with community interest groups to support local businesses and entrepreneurs.
With a focus on building quality living spaces with an enhanced specification, this is the second student accommodation scheme to sit within the growing Firethorn Living portfolio, following the acquisition of a 230-bed PBSA site in Leith Walk, Edinburgh earlier this year.
Marcus Weeks, Director and Head of Living at Firethorn Trust, commented: “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.”
Set on the grounds of the former Broadwood piano factory, the development will preserve and incorporate the site’s historic brick chimney, originally built in 1902. Neighbouring the Queen Elizabeth Olympic Park, Hackney Wick is a 15-minute walk to both University Arts London and UCL East. The area is a vibrant student hotspot, offering a mix of bars and restaurants, with the convenience of Westfield Stratford nearby.
Work on site is expected to commence in 2025 and completion targeted for the 2027/28 academic year.
For more information, visit www.firethorntrust.com
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