Hurlington Capital, a property investment and development firm focused on residential property in London and the south east, has secured planning permission for a £150 mln (€175 mln) GDV scheme in Deptford, south London.
The project, currently the site of the Apollo Business Centre on Surrey Canal Road, is the third purpose-built student accommodation (PBSA)-led development for which Hurlington Capital has secured planning approval in less than 12 months.
The plans approved by Lewisham Council will see Hurlington Capital deliver a PBSA-led site of 484 student beds alongside 42 affordable homes and 19,000 ft2 of creative workspace. Hurlington Capital has completed on the site alongside its funding partner Melrose Capital with support from Octopus Real Estate.
Designed by AHMM, the project will target BREEAM Excellent and EPC A. Upon completion, the scheme will offer 42 affordable homes with a mix of affordable rents and shared ownership.
Savills has been appointed to advise on potential joint venture structures.
Hurlington Capital has circa 1,600 student beds in its pipeline across four London sites – having secured planning in August 2022 on its Woolwich scheme which it is delivering in joint venture with Singapore-based private equity investor Q Investment Partners, and a further scheme in Stratford in February this year with Alumno, the student housing developer that is part of Places for People Group. A fourth scheme in London is due to receive consent shortly.
Harry de Lotbiniere, managing director of Hurlington Capital, said: 'Best-in-class PBSA is a compelling investment opportunity, particularly in London, because it is truly counter-cyclical. As we seek a partner that shares our vision for creating positive outcomes alongside positive returns, we’re looking forward to bringing our plans to fruition for the benefit of the existing community and those who will become a part of it.'
Jamie Feldman, CEO & founder of Hurlington Capital, said: 'As the third PBSA scheme for which we’ve secured planning in less than a year, this is an important milestone as Hurlington Capital establishes itself as one of London’s leaders in alternative living classes, such as PBSA and co-living, in addition to our wider residential expertise.'
