Unite Group has confirmed its £31.5m purchase of one of the largest student housing schemes with planning consent in central London
The development site on Great Suffolk Street in Southwark was purchased from Q Developments and has permission for 671 beds and 24,000 sq ft of mixed-use space.
The scheme will provide a gym, cafe and low-cost office space.
A revised Conran & Partners-designed scheme was granted planning permission in August. Work began on site in October and will be completed in time for the start of the 2012 academic year.
Great Suffolk Street is close to the London School of Economics, King’s College London, London South Bank University and the University of the Arts.
Unite already has a presence in the area on Waterloo Road, where a 146-room scheme was granted consent in September, and the 230-bed Lavington Street scheme, which was completed in September.
King Sturge and Whitmarsh Holt Young acted for Q Developments.