Future Generation wins approval for £80m mixed-use PBSA in Hackney Wick

By Bridging Loan Directory 19th December 2019

Student accommodation specialist Future Generation has secured planning permission for an £80million PBSA scheme in Hackney Wick, single-handedly guaranteeing the future of an embattled community cultural hub.

The Vogue in Stour Road, Hackney Wick, will boast 330 bedrooms and 35% of the accommodation will be subject to affordable rents.

The development, designed by RIBA Stirling Prize winning architects Henley Halebrown, received planning consent at a meeting of the London Legacy Development Corporation (LLDC) Planning Committee yesterday (Wed).

The decision is good news for local community arts organisation, Stour Space, which has been given a home in the new complex, guaranteeing its future for nearly 150 years.

Future Generation, the PBSA arm of Southern Grove, has set aside 25% of its 1,908 sqm of commercial space for the not-for-profit body, which will get a 149-year lease on a peppercorn rent, providing it with a stable footing until the year 2168. The lease will be held by a trust created for the purpose, called the Stour Trust.

Since opening its doors in 2009, Stour Space has been at the heart of creativity, enterprise and community in the area. The arts and cultural organisation narrowly avoided closure earlier this year when it had to rapidly raise funds towards rent on its Roach Rd premises and its future on that site remains uncertain. Stour Space will continue to offer free co-workspaces, affordable studio spaces and a unique local gallery at its new headquarters at The Vogue.

The new development had been subject to lengthy discussions with representatives of the GLA and LLDC including its Quality Review Panel and Planning Committee. Extensive consultation was also undertaken with local residents and businesses.

Andrew Southern, Chairman of Future Generation and Southern Grove, added:

“We’ve managed to deliver on a key ambition for the community with The Vogue and we’ve raised the bar on the dividends that student accommodation can bring to the local area. We couldn’t be happier for Stour Space.

“Professional property development is not about cramming in as many bedrooms as you can and this student accommodation really is a cut above the rest.

“The Vogue will occupy a site that is currently relatively industrial but will come to represent a new regeneration centre for the community, encouraging new businesses to open to serve the thousands of people who will flow through the area every day.”

Juliet Can, Co-founder of Stour Space, commented:

“We’re absolutely delighted that the future of Stour Space has been given the strongest foundation and we can’t wait to set up the Stour Trust, with exciting projects in the pipeline.

“It’s fantastic that we’re going to be surrounded by a vibrant community of young people and we can concentrate on delivering opportunities for the people of Hackney Wick and Fish Island, as well as the wider community, with a sustainable platform through this development.”