Covid-19 Impacts PBSA Valuation
27th Jan 2021
Future Generation has been granted planning permission to build an £80 million block of purpose-built student accommodation (PBSA) in Hackney Wick.
Consisting of 330 bedrooms, 35% of the rooms on offer at The Vogue on Stour Road will be subject to affordable rents.
Future Generation is the operator of Southern Grove and has set aside 25% of its 1,908 sqm of commercial space for not-for-profit body, Stour Space.
Stour Space will continue to offer free co-workspaces, affordable studio spaces and a unique local gallery at its new headquarters at The Vogue.
Juliet Can, co-founder of Stour Space, said: "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."
Andrew Southern, chairman of Future Generation and Southern Grove, commented: "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."
27th Jan 2021
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