Greystar Real Estate Partners, LLC (“Greystar”), a global leader in rental housing, and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investment managers, today announced that works have begun on a new purpose-built student accommodation (“PBSA”) asset near London Bridge Station.
The asset will operate under the premium Chapter London brand, which currently comprises 11 assets across the Capital including Spitalfields, Old Street, Highbury and South Bank.
With groundworks underway, the main construction work is due to start in March 2022, with the opening scheduled for the 2025 academic year.
The 39 storey, 453 ft. (138-metre) tower will comprise 905 student beds and 15,000 sq. ft. of world-class amenity space. It has undergone a rigorous design process, led by world-renowned architects Kohn Pedersen Fox Associates (“KPF”), in partnership with Greystar’s in-house global design team. The design is inspired by the local neighbourhood and will create a best-in-class building that will contribute to the ongoing regeneration of this popular area of the Capital.
Chapter London focuses on the wellness of its residents with buildings offering a wealth of amenities and exceptional customer service to create the very best resident experience. Through an exclusive membership system, residents can use amenities—and attend events at any Chapter London building, creating a city-wide community.
Greystar and PSP Investments have appointed Mace as the main contractor for the construction of the building. Mace will adopt a data-driven approach to reduce its onsite carbon footprint, coupled with modern methods of construction to significantly minimise the scheme’s environmental footprint.
The energy efficient tower will offer professional management and state-of-the-art features, supporting environmental sustainability and social inclusion. It is designed to be 100% electric, with a 100% certified renewable energy supply and rooftop solar. It will also leverage modern methods of construction, minimising emissions from transport, concrete waste, and water usage on site. The project aims to achieve a BREEAM rating of “Excellent” and a five-star Global Real Estate Sustainability (“GRESB”) score.
Greystar has worked closely with the London Borough of Southwark to discharge all pre-commencement planning conditions, and demolition contractors Cantillon have commenced work onsite to demolish Capital House on 42 Weston Street to prepare the site for construction. Blackstone Mortgage Trust (NYSE: BXMT) provided construction financing for the project.
Shaun Tate, Business Unit Director, Mace Tech, said: “We are delighted to have been selected as Greystar’s construction partner, working together with Kohn Pedersen Fox Associates to deliver such an ambitious scheme. Delivered through an advanced modern methods of construction approach, we will maximise bespoke off-site solutions to drive faster, safer and greener delivery to a consistent factory quality.”
Will Krespi, Director – UK Development, Greystar, said: “Despite the disruption caused by the pandemic, London remains an attractive destination for students thanks to the Capital’s impressive higher education institutions; but there is still an acute shortage of high-quality accommodation. At the same time, student accommodation is a highly resilient and counter-cyclical asset class which has meant that the best assets are extremely sought after. By adopting a develop-to-core approach, we can create new accommodation within a purpose-designed and sustainable asset in a highly desirable part of London. Chapter London Bridge will showcase the very best in architecture, amenities and services to create an environment where students can truly thrive.”
