South Street’s 234 bed high spec Ravenscourt scheme in Hammersmith will open its doors to students on 12 September – a coup in the supply constrained London market, particularly throughout challenging financial times. It’s been a long road getting here, but what the company managed to achieve is no mean feat: turning a loss-making hostel valued at £5m into a contemporary student accommodation scheme worth in excess of £40m.
Working closely with its joint-owning partner, South Street were able to assemble a skilled team of contractors that could deliver the project within a tight timeline after Ravenscourt received the green light on the planning front last May. Despite site constraints which dictated that the company must obtain parking suspensions, for example, as well as the additional time and costs associated with piling and installation of flood barriers, Ravenscourt has been successfully fast-tracked in order to reach completion on time.
Testament to the scheme’s strength is the fact that South Street were able to secure funding from the Co-operative Bank during the depth of the downturn. In making sure it complied with Section 106 agreements to build new classroom facilities for a nearby primary school, Ravenscourt has also been well received by the local community.
Already the two biggest, 31sqm rooms have been let at £265 per week for 51 weeks (including all bills) and with South Street’s marketing suite now open, the company is expecting a cascade of lettings.
Providing well-located, secure accommodation with excellent transport links to many London higher education institutions and with all the features today’s students expect including 50Mb broadband and Wi-Fi, Ravenscourt ticks all the boxes.