UK-based student accommodation specialist UNITE has secured approval to develop a £93m scheme in Islington, London.
The 260,000ft² student accommodation scheme, which will comprise about 900 beds, will be developed on the 1.4 acre site that was acquired by UNITE from London Metropolitan University in 2013, subject to planning.
Expected to be completed in the summer of 2016, the project will also include community space and commercial units for local businesses on the ground floor.
The project is planned to be developed by The London Student Accommodation Vehicle (LSAV), Unite’s 50-50 joint venture with GIC.
UNITE said the new development will be built to its latest specification room design and will contain a mix of shared flats with communal living and kitchen spaces, and self-contained studios.
The plans also include common areas and study rooms along with the accommodation, as well as a courtyard and several terraces.
UNITE property managing director Richard Simpson said there is a significant shortfall of student accommodation in London, which puts pressure on the residential housing market.
"This new development will not only help alleviate that, but will also contribute to the regeneration of one of London’s oldest boroughs and represents an important milestone in our development strategy," Simpson said.
UNITE provides homes for 41,000 students in more than 120 properties across 23 of the UK’s university towns and cities.