London based office building to be transformed into a 36-storey student housing residence
Work is expected to begin on the scheme in the second quarter of 2023.
Unite Students, the UK’s leading provider of student accommodation, has completed the acquisition of Jubilee House, in Stratford, for £73million.
The existing office building full planning consent for a 36-storey scheme, providing 716 beds for students.
The development in Farthingale Walk, Stratford, London, will also incorporate 65,000 sq ft of academic space, which will be occupied by the London Academy of Excellence (LAE) for an initial 35-year term, through the Secretary of State for Levelling Up, Housing and Communities.
Work is expected to begin on the scheme in the second quarter of 2023, with total development costs estimated at £185 million. 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 deal known as a nomination agreement.
London, which is home to over 300,000 students, hosts three of the world’s top 25 universities.