12 Aug 2021
In another land deal in the burgeoning alternative bed sector, Levy Real Estate have sold a 0.3 acre development plot at the top of Stratford High Street for £13m.
The site is located in LB Newham, within the LLDC, and opposite Stratford High Street DLR, and comprises four office buildings and a former Hertz car hire facility bordered by the Jubilee line and the Channelsea River.
The site benefitted from a 2016 Resolution to Grant Planning for a Sui Generis Coliving scheme of 250 units, and a more recent Planning Permission for a 287 key hotel, of up to 22 storeys and totalling 123,000 sq ft.
Acting for The Collective Stratford Limited, the site was marketed to a targeted list of buyers in the Coliving and PBSA sectors, and the transaction closed within 3 months of launch.
The SPV was acquired unconditionally by developer Dominvs Group, who are pursuing a major Purpose Built Student Accommodation (PBSA) scheme of approximately 500 beds.