We’ve completed Landmark £75m Hackney PBSA acquisition for Firethorn Trust
18th September 2024
“We’re thrilled to have successfully completed this landmark transaction for Firethorn Trust. Working as a multidisciplinary team has ensured that every aspect of this development aligns with Firethorn Trust’s vision of creating sustainable and high-quality student accommodation. We look forward to seeing the positive impact this development will have on the student community and the local area.”
We’re delighted to announce the successful completion of our first deal for Firethorn Trust, securing a £75m purpose-built student accommodation (PBSA) development site in Hackney Wick, London.
The acquisition will pave the way for a 204-bed student accommodation scheme, featuring 35% affordable housing and a range of modern amenities, including co-working study spaces, common rooms, and a roof terrace. In alignment with the London Plan, 51% of the accommodation, including the affordable rooms, will be allocated to a London university partner. The development will also contribute approximately 15,000 sq ft of affordable and incubator workspace to the local community.
Construction is set to begin in 2025, with the project slated for completion in time for the 2027/28 academic year.
The transaction was led jointly by Will Cousins and Seann Stobbs, with support from a multidisciplinary team including Laura Wardrop and Josh Kitson (Planning), Tom Peel (Construction), Alan Harper (IP), Nicola Parkinson (Tax), and Lewis Couth (Property Litigation).
Marcus Weeks, Director and Head of Living at Firethorn Trust, commented: “This acquisition reflects our ambition to create modern, sustainable living spaces in prime university locations across the UK.
“We are pleased to be playing our part in addressing the significant supply and demand imbalance for high-quality, affordable student housing in London, and look forward to working closely with local stakeholders to deliver a best-in-class development that will make a positive impact on both students and the neighbouring community.”
Will Cousins, Real Estate Partner added: “We’re thrilled to have successfully completed this landmark transaction for Firethorn Trust. Working as a multidisciplinary team has ensured that every aspect of this development aligns with Firethorn Trust’s vision of creating sustainable and high-quality student accommodation. We look forward to seeing the positive impact this development will have on the student community and the local area.”
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