New student accommodation to be built in Hackney Wick
London-based property developer Southern Grove to build the new purpose-built student accommodation (PBSA) in Hackney Wick, provided securing planning consent.
Southern Grove's mission can be put as simply as «delivering distinguished developments». It operates both across the UK and the international market. The developer plans to deliver new student housing at The Vogue, Hackney Wick, located off Fish Island Village. There are plans to provide 330 student beds as well as commercial spaces for up-and-coming businesses.
Undoubtedly, the pandemic has affected the student accommodation in London heavily – some student housing operators report falling occupation levels as international students had troubles coming to London and people did remote learning. However, a return to normality is on the cards – Unite expects solid demand for student accommodation for the next academic year.
Tom Slingsby of Southern Grove highlights that London is home to several world-leading academic institutions. He says that they are confident in PBSA as a smart investment class within the capital.
Oli Buckland, head of PBSA at CBRE, thinks of London as the «most under-supplied» city in terms of PBSA. As such, investment in this market segment in London is in great demand.