SH advises on student accommodation development
17 June 2011
International law firm Stephenson Harwood has advised Alumno Miller Camberwell LLP (a joint venture comprising equity investors Miller Camberwell and Alumno Safeharbor Investments) and project leaders, Alumno Developments Ltd, on the £12 million re-development of four existing buildings into student accommodation on Peckham Road, London adjacent to Camberwell College of Arts. The sites have been purchased under a 175 year lease from Southwark Council for change of use from council offices to student accommodation with the funding overseen by insurance and commercial finance group Aviva.
Once the redevelopment and refurbishment has been completed by contractor Miller Construction (UK) Ltd in September 2012, the development will be leased to The University of the Arts London, the UK's leading arts University, under an extended agreement by Landlord Alumno Miller Camberwell LLP. The accommodation will offer 155 student beds with a mixture of single, studio and twin rooms.
John Hargreaves, partner in the real estate practice at Stephenson Harwood said: "There is a huge national shortage for student accommodation, which is particularly acute in London and this redevelopment of former Southwark Council offices for the UK's leading arts University is a welcome step in providing much needed, affordable housing for their students in London."
John Hargreaves led the Stephenson Harwood team with assistance from partner Andrew Taylor and associates Graeme Barton and Ben Truman. Raith Pickup and Sheila Balchin of Mills & Reeves acted for Aviva. Martin Grabiner and Sarah Potter of Nabarro advised The University of the Arts London.
The real estate team at Stephenson Harwood has many years experience in assisting further and higher education clients. The team provides the full range of legal services, covering banking and finance, commercial support, dispute resolution, employment, intellectual property, PPP/PFI, planning and environment, real estate and technology advice.