Greystar has bought a central London asset with residential planning consent from a private seller.

The investment manager has bought the Capital House asset in Southwark, south London, with permission to develop it for residential and student housing use.

The site, on the corner of Weston Street and St Thomas Street, is next to London’s Guy’s Hospital and 200 metres from the Shard.

Troy Tomasik, managing director of investment for Greystar, said: “Southwark, with its world-class universities and institutions of higher education, is the ideal location for Greystar. We look forward to continuing to solve London’s shortage of good quality student accommodation and exploring options for the site over the coming months.” 

One of the consents is for a 470-bed student accommodation development. The other is for 119 luxury residential apartments.

Greystar is looking to provide student accommodation on the site under its ‘Chapter’ student accommodation brand.