Ely buys site for student complex

ELY, the property arm of Newcourt Group, has acquired a site for the development of student accommodation in London in a €28.5m deal.

This is the second acquisition this year by Ely in London.

With 900 beds in planning process in the city, Ely stressed London is a key market for them.

It said the consideration of €28.5m for this latest acquisition is dependent on planning permission being granted for 339 student units.

The accommodation will be included within a mixed use development over nine floors with retail units on the ground floor.

The scheme includes 256 studios with the remaining 83 units as cluster en suite rooms.

The site is located at 14, Fieldgate Street, E1, London and is within five minutes walking distance of most London metropolitan university campus buildings.

The scheme is also close to Queen Mary’s College, University College London, London School of Economics, King’s College and Imperial Colleges.

Ely property CEO, Philip Marley said this is a prime location in a catchment area serving over 70,000 university students.

“In addition the scheme is located in an area of the city that offers students a variety of pubs and clubs as well as numerous shops, leisure facilities and banks together with vibrant markets in Whitechapel and Spitalfields,” he said.

Newcourt has four operating divisions: support services; student accommodation; recruitment and aviation outsourcing.

Last month Ely announced the acquisition of a site in Birmingham for €10m on which it also plans to build student accommodation.