World · Beacon Post
A UK PBSA development fund managed by Far East Orchard has bought a freehold development site at 325 Borough High Street in Southwark, SE1, for £60m. The site, known as King’s Place, would be developed into a 444-bedroom building for students and a separate block of eight flats for key workers. The project also has Gateway 2 approval in place and is targeting completion by 2029.
King’s Place changes hands from Unite Students, which bought it for £60m two years ago. Upon achieving practical completion, King’s Place is expected to be managed by Homes for Students, a subsidiary of Far East Orchard. It is the fund’s third acquisition in the UK and its first development in London.
Its UK portfolio now spans 956 student homes, including previously acquired 239-bedroom Plymouth Grove development in Manchester and 273-bedroom Osborne Street project in Glasgow. Across the globe, Far East Orchard owns and manages more than 60,000 bedrooms. Alan Tang, chief executive at Far East Orchard, said: “London remains one of the UK’s most attractive and supply-constrained student accommodation markets.
“The acquisition will expand our development portfolio across three major UK cities. The development also demonstrates the strength of our integrated lodging platform, bringing together our investment, fund management, development, asset management and operating capabilities.” Image © Secchi-Smith Send feedback to Evelina Grecenko Follow Estates Gazette
Source: Estates Gazette
