Greystar acquires site to develop new student accommodation in west London

Greystar, the real estate company, has acquired a site in East Acton for a 306 bed student housing building for its student accommodation brand, Chapter.

Construction partner Tide Construction has commenced work with forward funding provided by Greystar.

The London borough of Hammersmith and Fulham site, previously home to the Savoy Cinema, has been vacant for almost 20 years.

The development is 500 metres from East Acton underground station and is five minutes away from Imperial College London’s White City campus.

Onsite facilities will include a gym with free weight zone, quiet study space, cinema room, games room, communal study and residents lounge.

Troy Tomasik, managing director of investments at Greystar, said: “This is a strategic acquisition to extend the Chapter brand to an underserved market in west London.

“We have identified a significant demand in this corner of the Capital for high quality student accommodation at a range of price points. Chapter is uniquely positioned to deliver on both fronts.

“Greystar now owns and manages a diverse portfolio of rental accommodation in London which spans student accommodation in nine locations to multifamily sites in Canary Wharf and Greenford. Each new acquisition helps consolidate our position while delivering important operational efficiencies.

“Greystar’s student accommodation and multifamily assets share two characteristics in common – the provision of exceptional amenities and the delivery of outstanding customer service. Greystar is committed to investing in both asset classes.”

Building work is anticipated to take approximately 18 months and the development is scheduled to open for the 2018/19 academic year.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →