Unite acquires Jubilee House site for Stratford PBSA

Unite Students acquires Jubilee House, a site in Stratford, London for £73m, which has planning for a 716 bed PBSA scheme.

What the new student accommodation development will look like on the Stratford site which has been acquired by Unite Students | PBSA News
What the new student accommodation development will look like on the Stratford site which has been acquired by Unite Students.

Student accommodation provider Unite Students acquires Jubilee House, an existing office building in Stratford, London for £73m, from Schroders Capital UK Real Estate Fund (SCREF). The building has full planning consent for a 36-storey purpose-built student accommodation (PBSA) scheme, providing 716 student beds. The student accommodation is being delivered as a university partnership, so most beds will be let to a London university under a deal known as a nomination agreement.

“We are delighted to complete the sale of Jubilee House to Unite, following the combined efforts of our team and development partners to secure planning permission at the site, alongside an agreement for lease with the London Academy of Excellence. The conversion of Jubilee House into student accommodation is set to be an exciting project which perfectly suits the needs of the surrounding community.”

Rob Cosslett, Fund Manager, Schroders Capital

The Jubilee House, development in Farthingale Walk will also include 65,000 sq ft of academic space, which will be occupied by the London Academy of Excellence (LAE) for an initial 35-year term, through the Secretary of State for Levelling Up, Housing and Communities.

Work is expected to begin at Jubilee House in Q2 2023, with total development costs estimated at £185m. The student accommodation element of the scheme is scheduled for completion in time for the 2026/27 academic year.

“This is an exciting opportunity in a great location, where we already provide homes to over 2,000 young people and underpins our ongoing commitment to help meet London’s much-needed student accommodation demands.

“We are also proud to support a new collaboration with the London Academy of Excellence. Complementing our own values, the LAE is dedicated to supporting students, particularly those from less-advantaged backgrounds, in securing places at some of the UK’s best universities.”

Joe Lister, Chief Financial Officer, Unite Students

Committed to developing additional student beds in the capital, Unite Students currently operates just over 12,500 beds in London. the student accommodation provider partners with leading universities to ensure around half of those beds are guaranteed through nominations agreements.