A consented PBSA site in Euston with a projected GDV of £100m has hit the market. The student property team at Knight Frank has been instructed to sell William Road, which is held in two ownerships by Euston One – a subsidiary of MBU Capital Group and funded by Chenavari Investment Managers.
Knight Frank is offering the purchase of the leasehold title of 17-33 William Road and the freehold title of 35-37 William Road, with the consented scheme providing 206 student bed spaces in a 14-storey building.
The scheme also offers 6,000 sq ft of communal amenity space, including a fitness room, studio lounge and cinema, with consent granted for 11,000 sq ft of affordable office space on the ground floor.
The University College London, Birkbeck, University of Westminster, SOAS and Regent’s University are all located within a 20-minute walk of the site.
Pete Moore, director, real estate, at MBU Capital, said: “London is a wonderful, booming and vibrant capital, and is home to some of the best universities in the world. This development will not only be the jewel in the crown of London’s PBSA market but will also meet the needs and lifestyle of the modern-day student and set a new benchmark for PBSA across the UK. The scheme has been developed with quality in mind; having previously delivered over 1,500 PBSA beds in London, this is without a doubt the best I have delivered.
“We believe that students deserve better living conditions, and those rooms should be available for all. Despite the challenges in the economy, from day one we offered 35% affordable rooms in accordance with the London Plan. We also will be providing affordable workspace as part of the scheme to meet the needs of local start-up businesses and small businesses in the Knowledge Quarter.”
Rupert Strutt, a partner in the student property team at Knight Frank, added: “London is host to over 60 universities and colleges and has over 300,000 full time students, 37% of whom are internationals. Despite this, there is currently a critical undersupply of quality accommodation in the capital, with almost 70% of full-time students unable to access PBSA according to Knight Frank research.”
Camden Borough Council approved the plans for William Road last month following an appeal process.
