Firethorn Trust is close to acquiring a £100m GDV purpose-built student accommodation scheme in Euston, NW1.
The two sites, at 17-33 William Road and 35-37 William Road, were owned by Euston One, a subsidiary of MBU Capital Group, funded by Chenavari Investment Managers.
Firethorn is in talks with receivers at Knight Frank to acquire the site for around £35m.
The scheme is fully consented for a 14-storey PBSA-led tower with 6,000 sq ft of amenity space, including a fitness room and cinema, and 11,000 sq ft of affordable office space.
The proposed development comprises 206 student beds, consisting of 102 self-contained studio bedrooms and 104 two-bedroom apartments.
Of the beds, 35% are allocated as affordable rooms, to be let to a nominated university partner at London affordable rent.
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