Quintain adds further 500 beds to London student accommodation market
By Bridging Loan Directory -
Property Funds World has reed that Quintain has completed two new student accommodation buildings in London, which will deliver close to 500 new bed spaces.
Quintain has developed the new 257-room iQ Hoxton, London E2 which it will manage on behalf of the iQ fund, its student accommodation joint venture with the Wellcome Trust. Located in London’s east end, close to zone one transport links, iQ Hoxton represents the Fund’s twelfth completed student accommodation asset bringing the total portfolio value to over GBP310m.
Split between 34 cluster rooms (comprising en suite bathroom and shared kitchen/lounge areas) and 223 studios (also incorporating self contained cooking and washing-up facilities) the accommodation has been fitted out to a very high specification, boasting good quality fixtures, fittings and furniture. The property also offers a large roof terrace with commanding views of London, a landscaped courtyard, 10mb broadband internet access as standard, secure cycle storage and a 24/7 management team.
Opening to students in the middle of September, the property is already 90% let. Cluster flats achieve rents of GBP199 to GBP210 per week and studios range from GBP245 to GBP275 per week.
Quintain’s second completed development is Dashwood Studios, located on Walworth Road, SE17, just three minutes from Elephant & Castle tube station and London’s new iconic tower, Strata. Dashwood provides 232 premium student studios, a landscaped courtyard and two large student roof terraces providing plenty of outdoor space with many of the studios also boasting their own private balconies.
Designed by Rolfe Judd Architects, the building’s facade is punctuated with contemporary boxed bay windows that project out above Walworth Road, offering fantastic views of The Shard and St Paul’s.
Works commenced on the building last August, and have taken only 51 weeks to complete, a fortnight ahead of schedule, and within budget. Dashwood opens for this academic year and is already 84% let at rents of between GBP220 and GBP280 per room. The asset is held outside of the iQ fund and is managed by Fresh Student Living.
Commenting, David Gavaghan (pictured), Quintain’s Director of Fund Management, says: “These two new buildings deliver high quality, safe and secure accommodation for students as they embark on the new academic year. London continues to lead the UK in terms of student numbers with a full time student population of circa 284,000, which is larger than the next five largest student markets combined. It also has a low supply ratio. We have launched these two new buildings, both of which are achieving strong lettings, which we believe is in recognition of the location, the quality of the buildings and the services offered.
“Furthermore, the opening of these assets represents a step forward for Quintain in delivering its operational milestone of increasing income and profit contribution from its fund management division.”