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Derwent Wins Approval for 417-Room Student Building in London

Nov. 22 (Bloomberg) -- Derwent London Plc won planning permission for a 417-room student housing project in the capital as a shortage of accommodation prompts developers to expand.

The Tower Hamlets borough in east London approved the construction of a 19-story student building and an office block with 26,500 square feet (2,500 square meters) of space, Derwent said in an e-mailed statement today.

A rising student population is encouraging developers to add rooms in London. Unite Group Plc, the U.K.’s largest student accommodation provider, last week said it received a 66 million-pound ($106 million) loan from Barclays Plc to finance a 671-bed development near the River Thames. Blackstone Group LP, the world’s biggest private equity company, this year completed a 33-story dormitory in the City of London financial district.

Derwent’s project was designed by architects Buckley Gray Yeoman and includes a top-floor “sky lounge” as well as a gym and study areas.

“Buckley Gray Yeoman’s design for student housing is at a high and improved standard for this sector and will benefit the immediate location,” Simon Silver, Derwent’s head of strategic regeneration for London, said in the statement.

To contact the reporter on this story: Tom Bill in London +44- tbill2@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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