Carlyle today said it had bought an existing site at 60 Commercial Road on the city fringes for its Pure Student Living brand.
The site carries an existing planning consent for 417 student rooms and retail space at ground level allowing a quick start to be made on site.
Hafiz Ali, director at The Carlyle Group, said: “60 Commercial Road brings our Pure Student Living portfolio in Central London to five properties and, following the successful launch of our Pure Highbury scheme in 2012, means we will have 2,150 beds available by the end of 2015.
“We believe that the fundamental imbalance in supply and demand for purpose built student housing in London presents an excellent opportunity, and look forward to bringing forward this project and sourcing further investments in future.”
Carlyle in its joint venture with Generation Estates has also acquired 122-126 Back Church Lane and will develop an office building providing 25,000 sq ft of office space targeted at the vibrant TMT sector.
Work is planned to start on both projects in April, with completion of the office building expected in late 2014 and the student accommodation building in summer 2015, for launch that academic year.
