Property developer and manager HB Reavis has secured planning permission to deliver its first ever purpose-built student accommodation (PBSA) scheme, in Lambeth, London.
The project will see the office building at 10 Leake Street in Waterloo redeveloped to provide 233 new student beds comprising a mix of studios and share clusters.
Designed by PLP Architecture, the office-to-PBSA proposals also include amenities such as a study lounge, shared dining area, fitness studio, rooftop terrace and cycle spaces.
HB Reavis has primarily operated in the office and workspace sectors. Ryan Jakes, head of living and commercial at HB Reavis, said the approval marks a “major milestone for HB Reavis as we establish our living portfolio in the UK”.
He added: “We’re targeting uses with strong long-term fundamentals, and we see PBSA in central London aligned with leading universities as underpinned by consistent demand, lack of supply and a clear need for high-quality student homes.
“10 Leake Street demonstrates how we can unlock value by repurposing the best-located buildings and applying our proven approach to design, delivery and ESG into new asset classes. Development of this site demonstrates our long-term commitment to invest in Waterloo and the role we will play in the future of the borough.”
