Cheyne Capital has teamed up with student accommodation provider Fusion Group to jointly acquire a second site for purpose-built student accommodation (PBSA) in Brent Cross Town, London.
Brent Cross Town is an £8bn mixed-use town development in north London being delivered by Related Argent and Barnet Council. Stretching across 180 acres, the entire project will comprise 6,700 new homes of a variety of tenures, workspace for 25,000 people, schools, a high street, leisure spaces and over 50 acres of parks and playing fields.
Cheyne and Fusion’s £275m scheme, designed by PRP, will deliver approximately 650 student beds and associated amenities, the companies said. Related Argent will lead the preparation of the planning application which is expected to be submitted in Q4 2024.
The scheme will include expansive study areas, a digital competitive gaming zone where residents can play virtual sports including football, padel and tennis, as well as a health kitchen that includes a zero-waste shop, private dining, a yoga studio, a herb garden and relaxation pods, Cheyne and Fusion added.
This is the firms’ seventh development partnership and their second in Brent Cross Town. The new scheme will increase the value of the investment partnership’s assets in Brent Cross Town to about £500m worth of gross development value, the companies said.
Julian Evans, land and planning director at Fusion Group, said: “Brent Cross Town is London’s most exciting new neighbourhood, and expanding our partnerships with Cheyne and Related Argent to bring more than 1,300 student rooms to it is a privilege. As we continue our community engagement to ensure we can best contribute to the vibrancy of this neighbourhood, we’ll bring our decades of experience of developing residential assets in urban regenerations across the country to deliver another best-in-class student scheme as part of the town.”
Hamish Gordon of Cheyne Real Estate said: “The student housing market continues to be driven by considerable demand, with a growing need for high-quality and well-located developments across the UK and particularly in London. Our team has deep experience creating high-quality facilities for students throughout Europe, and we are excited to continue our partnership with Fusion to deliver another premium scheme to benefit both students and the wider community in Brent Cross Town.”
Oli Rifkind, executive director at Related Argent, said: “We are delighted to welcome Fusion and Cheyne back to Brent Cross Town. Their commitment to a second student housing scheme aligns with our programme of delivering complementary uses to the rest of the development, to help accelerate the growing population of our new park town.
“Fusion’s track record in providing great student living environments in high-quality and well-managed developments fits perfectly with our aim to create a town where all can flourish. This new development will support future generations to thrive and adds to the vibrant mix at Brent Cross Town – a place where co-living, student homes, later living, rental, for-sale and affordable homes are all on offer, alongside workspace for 25,000 people, catering for all ages and stages of life.”
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