London
Commercial Road
- Strategy
- Development and conversion
- Type
- Student accommodation and co-living
- Units
- 350 units
- Location
- Europe, UK
Opportunity
Off-market acquisition of a former brewery and car park, with a limited bidder pool and scope to create value through planning and design.
Delivery
Secured planning consent for a mixed student accommodation and co-living scheme, then delivered a 15,000 sq m conversion alongside an 18-storey new building.
Outcome
Pre-let the campus to Hult International Business School, achieved BREEAM Excellent and sold the stabilised assets to an institutional investor.
Acquisition of an old brewery with carparking. Planning consent secured for a complex and demanding project comprising a new tower with 357 student apartments and BREEAM Excellent accreditation, coupled with a 40,000 sq ft university building conversion.
The properties enjoy a strategically important location in Aldgate, on the edge of the City of London in Transport Zone 1, with 100 meters from the train station. We recognized this important location as part of the emerging City Fringe and Tech City Hub and were one of the first property companies to invest. At the time, the area was undergoing major structural regeneration, including transport and community upgrades that have transformed the area from a fringe into a prime location. There are now some 3,000 new homes and 1 million sq ft of commercial space being developed within 400 metres of the property.
The scheme was completed in 2013. The marketing and leasing platform was set up, implemented and fully let in 12 weeks.