Student accommodation provider Urbanest has commenced construction of one of Europe’s largest PBSA schemes.
The development, situated next to Billingsgate Market in London, will deliver 1,672 student beds and 80 residential apartments across three towers for students of University College London (UCL).
On site amenities include a gym, yoga studio, cinema, study spaces and games rooms, all situated within an elevated skybridge.
At the ground floor level the Apt Architects-designed scheme, which is scheduled to complete in 2026, will offer a drive-thru McDonalds and 40,000 sq ft of office and incubator workspace.
Midgard, part of JRL Group, has been appointed as the main contractor. Lloyds Bank is Urbanest’s funding partner on the project and brought in Wells Fargo and Bank ABC as co-lenders on a £250m five-year development facility. An Aviva Investors’ Real Estate long income mandate provided ground rent finance on the site for 75 years.
Johnny Manns, chief investment officer at Urbanest, said: “The scheme reflects our commitment to working with exceptional designers to deliver high quality architecture and truly world-class environmental performance. With a growing student population in London, we strive to create high quality accommodation which provides students with more choice. We look forward to working with our construction and funding partners over the next three years and then to welcoming our first intake of UCL students.”
Sam Shah, director and alternative residential lead at Lloyds Bank commenting on behalf of the funding syndicate, added: ”We’re delighted to support Urbanest in enabling this state-of-the-art project which targets sector-leading sustainability credentials. The scheme will provide vital high-quality, affordable and mid-market student accommodation, helping to reduce the acute pressures on housing in London.”
