Harris Associates, together with Montagu Evans, has put on the market a 0.37 acre freehold development site in Ilford, 150 metres from the Elizabeth line station in East London.
Situated at 74-76 High Road Ilford, The Jukebox development opportunity is offered with vacant possession and currently boasts planning consent for two residential towers, accompanied by retail spaces on ground and first floor. The Jukebox provides a canvas for investors and developers to create a new offering, potentially either between purpose-built student accommodation (PBSA) or co-living, subject to planning.
The consented mixed use development totals 117 apartments and ground floor retail over a maximum of 18 storeys, including 31% on site affordable housing (by number of units). There’s a potential for 304 PBSA beds or 284 Co-Living beds, subject to planning. The site is to be sold freehold with contractual short-term vacant possession. The gross development value of the project is around £80 mln (€93 mln).
Jamie Harris, the head of Student Accommodation at Harris Associates, said: 'As London continues to grapple with a substantial undersupply of student and co-living accommodation, The Jukebox stands as an opportunity for investors to deliver the much-needed affordable housing that both students and residents really need. With its prime location, surrounded by Ilford's transformative regeneration and swift connectivity to Central London via the Elizabeth Line, we anticipate strong demand from both domestic and international buyers.'
