QIP and Hurlington Capital JV set to deliver Beresford Street PBSA

Broadening operations in the UK purpose-built student accommodation (PBSA) sector, QIP and Hurlington Capital partner to deliver a c.£80m gross development value scheme in London.

Beresford Street PBSA development in Woolwich, London, to be delivered by a JV between QIP and Hurlington Capital | PBSA News
Beresford Street PBSA development in Woolwich, London, to be delivered by a JV between QIP and Hurlington Capital.

Singapore-headquartered private equity firm Q Investment Partners (QIP) and London-based investor and developer Hurlington Capital have formed a joint venture (JV) to develop Beresford Street PBSA site in Woolwich, London. The project is the first joint venture between the two companies.  

Representing QIP’s entrance into the London PBSA market, the site at 81-88 Beresford Street was acquired by Hurlington Capital in 2020 and is ideally situated as part of the multibillion pound regeneration of the former Royal Arsenal.  

With planning consent secured in August 2022, the 298-bed scheme is the first PBSA development in the regeneration area and will contain a 50-50 mix of studios and cluster rooms. The scheme will also provide 35% affordable student accommodation and aims to target BREEAM Excellent and EPC A ratings. Works on site is due to commence in Q1 2024, with anticipated completion in time for the 2026/27 academic year.            

As part of an extensive community engagement programme during the planning process, plans for the building also include a hub on the ground floor that will offer a meeting space for local community groups.  

“Marking our debut in the PBSA market, with three more schemes in planning, we’re immensely proud of our Woolwich development. Not only a best-in-class asset in itself, it delivers tangible social impact in a reflection of both Hurlington Capital’s values as a business and our commitment and hands-on approach to community engagement.

“There is a clear under-supply in student housing in London which has resulted in this becoming a deeply attractive sector for those of us who have the risk appetite, backed by the expertise and strong track record, to take advantage of the opportunity.

“Alongside Q Investment Partners, an established leader in the UK’s PBSA sector, we look forward to delivering much-needed high quality accommodation in a prime location.”

Jamie Feldman, CEO and Founder, Hurlington Capital

With national rail, DLR and Elizabeth line stations all within a five-minute walk, the development boasts exceptional transport links. Eight major universities are within 40 minutes including the University of Greenwich, UCL, the London School of Economics, King’s College London, alongside a host of international schools, colleges, and universities with campuses in Canary Wharf, the Docklands, central and west London as a result of connectivity from the Elizabeth line.  

“Our Woolwich Royal Arsenal site will be the first in the UK which we lead as development managers through our QIP Development Group – and what a scheme to start with. Set within one of London’s most successful regeneration areas, surrounded by heritage buildings and the stunning new Elizabeth line station, our commitment to this project reinforces our expertise in and our confidence in the fundamentals of the UK’s student housing sector. This marks an important moment in our continued growth as an integrated leader in the residential sector, and our first collaboration with Hurlington Capital which we are extremely excited about.”

James Coppack, Head of Development, Q Investment Partners

Beresford Street is QIP’s ninth asset in the UK and its debut in the London PBSA market, serving as a milestone in its strategy to deliver c.2,000 beds across key university cities. However, the scheme is Hurlington Capital’s first PBSA asset, having been active in the residential for-sale and co-living markets for its decade in operation.  

QIP is investing the primary equity with alignment equity from Hurlington Capital, with both parties sharing development management responsibilities – the first such time that QIP through its QIP Development Group (QIPDG) subsidiary will lead as development managers.    “The UK’s PBSA market remains remarkably resilient and a compelling opportunity for investors who know the sector in detail. Hurlington Capital’s knowledge of the London residential market and ability to unlock complex planning challenges provides us with an exciting moment to expand and commit our capital into attractive schemes, such as this at Woolwich’s Royal Arsenal, and we look forward to working with them to explore further opportunities.”

Peter Young, CEO and Co-Founder, Q Investment Partners

QIP is investing the primary equity with alignment equity from Hurlington Capital, and both parties will share development management responsibilities for the Beresford Street scheme – the first such time that QIP through its QIP Development Group (QIPDG) subsidiary will lead as development managers.