Student accommodation developer Unite said it would now go-ahead with the project after paying builders’ merchant Travis Perkins for the Camden site.

Under the terms of the deal, Unite will provide Travis Perkins with a new trading facility on the ground floor of the 563-bed development once it completes.

Richard Simpson, Unite’s managing director of property, said: “Camden Town is the top London location for students and this scheme will provide rare, zone 1 cluster flats at affordable rents.

“We expect London to continue to benefit from strong market fundamentals, with the supply/demand imbalance still a key factor, and we expect it to remain the most attractive and thereby resilient destination for UK and international students.”