UK: Property investment and development firm Hurlington Capital has secured planning permission for a £150 million GDV scheme in Deptford, south London.
The project, currently the site of the Apollo Business Centre on Surrey Canal Road, is the third PBSA-led development for which Hurlington Capital has secured planning approval in less than 12 months.
The plans approved by Lewisham Council will see Hurlington Capital deliver 484 student beds alongside 42 affordable homes and 19,000 square feet of creative workspace. Hurlington Capital has completed on the site alongside its funding partner Melrose Capital with support from Octopus Real Estate.
Designed by AHMM, the project will target BREEAM Excellent and EPC A. Upon completion, the scheme will offer 42 high quality affordable homes with a mix of affordable rents and shared ownership, while the creative affordable workspace will support Deptford’s vibrant culture and arts community.
Located between Deptford Park and Folkestone Gardens, the site has journey times of under 30 minutes to Goldsmiths, University or Greenwich, Trinity Laban, UAL, Queen Mary, South Bank and Ravensbourne universities.
Savills has been appointed to advise on potential joint venture structures.
Hurlington Capital has circa 1,600 student beds in its pipeline across four London sites.
Harry de Lotbiniere, managing director of Hurlington Capital, said: “Having worked so closely with the community on our plans, this will be a best-in-class scheme that reflects local need and offers positive outcomes for all partners, including the delivery of affordable homes and creative workspaces. Best-in-class PBSA is a compelling investment opportunity, particularly in London, because it is truly counter-cyclical. As we seek a partner that shares our vision for creating positive outcomes alongside positive returns, we’re looking forward to bringing our plans to fruition for the benefit of the existing community and those who will become a part of it.”
