Q Investment Partners (QIP) has teamed up with London-based investor and developer Hurlington Capital to develop an £80m (€92.7m) purpose-built student accommodation (PBSA) project.

The pair have created a joint venture to develop the site at 81-88 Beresford Street in Woolwich, London to deliver 298 beds through a 50-50 mix of studios and cluster rooms.

Work on the site is due to commence in the first quarter of next year, with completion expected in time for the 2026/27 academic year.

QIP is investing the primary equity with alignment equity from Hurlington Capital, and both parties will share development management responsibilities. QIP’s development arm will lead as development managers.

The project is Singaporean-headquartered QIP’s ninth asset in the UK and its debut in the London PBSA market. It is also the first joint venture between the private equity real estate investor and Hurlington Capital.

Peter Young, CEO and co-founder of Q Investment Partners, said: “The UK’s PBSA market remains remarkably resilient and a compelling opportunity for investors who know the sector in detail.

“Hurlington Capital’s knowledge of the London residential market and ability to unlock complex planning challenges provides us with an exciting moment to expand and commit our capital into attractive schemes, such as this at Woolwich’s Royal Arsenal, and we look forward to working with them to explore further opportunities.”

James Coppack, head of development at Q Investment Partners, said: “Our Woolwich Royal Arsenal site will be the first in the UK which we lead as development managers through our QIP Development Group – and what a scheme to start with.”

The site at Beresford Street was acquired by Hurlington Capital in 2020.

The scheme is Hurlington Capital’s first PBSA asset and marks an entrance to London’s PBSA market that also sees three further assets in planning with ambitions to expand further, the company said.

Jamie Feldman, CEO and founder of Hurlington Capital, said: “Marking our debut in the PBSA market, with three more schemes in planning, we’re immensely proud of our Woolwich development.”

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