Hurlington Capital has secured planning approval for a £150m GDV student accommodation-led scheme in Deptford, south London.
Under the plans, approved by Lewisham Council, Hurlington Capital will develop 484 student bedrooms, 42 affordable homes and 19,000 sq ft of creative workspace. The site is also backed by funding partner Melrose Capital, with support from Octopus Real Estate.
The project, at the site of the Apollo Business Centre on Surrey Canal Road, is the third purpose-built student accommodation-led development for which Hurlington Capital has secured planning approval in under a year.
Designed by AHMM, the project will target BREEAM Excellent and EPC A ratings.
Savills has been appointed to advise on potential joint venture structures.
Harry de Lotbiniere, managing director of Hurlington Capital, said: “Best-in-class PBSA is a compelling investment opportunity, particularly in London, because it is truly counter-cyclical. As we seek a partner that shares our vision for creating positive outcomes alongside positive returns, we’re looking forward to bringing our plans to fruition for the benefit of the existing community and those who will become a part of it.”
Jamie Feldman, chief executive and founder of Hurlington Capital, said: “As the third PBSA scheme for which we’ve secured planning in less than a year, this is an important milestone as Hurlington Capital establishes itself as one of London’s leaders in alternative living classes, such as PBSA and co-living, in addition to our wider residential expertise.
“Over our 12 years of operation, we’ve undertaken roles in over 25 projects, ranging from site assembly and planning through to delivery, with our completed and current projects delivering a GDV of [circa] £1bn. As we progress our plans for our four existing PBSA sites, we’ll continue to make use of our specialist understanding of London’s boroughs to identify and unlock complex sites to deliver further schemes with a mix of uses that meet local needs.”
Hurlington Capital has around 1,600 student beds in its pipeline across four London sites, having secured planning in 2022 on its Woolwich scheme, delivered in a joint venture with Singapore-based private equity investor Q Investment Partners.
The developer also won consent for a scheme in Stratford in February this year with student housing developer Alumno, part of Places for People Group. A fourth scheme in London is expected to receive consent shortly.
Image © AHMM
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