A developer of student accommodation UNITE has been granted a planning approval for the development of a massive student housing scheme in Islington.
The 260,000 square foot scheme will incorporate 900 beds, and is expected to amount to a total development cost of £93 million and yield on cost of 8.8%.
The 14-storey complex will be located opposite the London Metropolitan University on Holloway Road.
The new development is expected to revitalise the area through the construction of community space and commercial units for local businesses on the ground floor, with competitively priced and well-managed student accommodation blocks above.
Developer UNITE will deliver the project in collaboration with the London Student Accommodation Vehicle (LSAV) - UNITE’s 50:50 joint venture with GIC.
The project is scheduled for completion in the summer of 2016 and will achieve 60% of LSAV's desired pipeline.
The 110-week construction programme comprises of 14-weeks long enabling works including demolition of existing buildings.
Richard Simpson, UNITES's managing Director of Property, said:
“We are delighted to have secured planning for this development in such a central London location. Islington is a vibrant, diverse part of the capital, popular with students and provides access to London’s many leading academic institutions.
“There is a significant shortfall of student accommodation in London which puts pressure on the residential housing market. This new development will not only help alleviate that, but will also contribute to the regeneration of one of London’s oldest boroughs and represents an important milestone in our development strategy.”