Fusion And Cheyne Capital Acquire Second Site In Brent Cross Town To Deliver £275Million Student Accommodation Development
27/8/24
Fusion Group, one of the largest privately-owned student accommodation developers and operators in the UK, and global alternative investment manager Cheyne Capital have jointly acquired a second site for purpose-built student accommodation (PBSA) in Brent Cross Town.
Brent Cross Town is a 180-acre, £8billion mixed-use town development in north London being delivered by Related Argent and Barnet Council which, when complete, will comprise 6,700 new homes of a variety of tenures, workspace for 25,000 people, schools, a high street, leisure spaces and over 50 acres of parks and playing fields.
The £275million GDV Fusion scheme designed by PRP will deliver approximately 650 student beds and associated amenities. Related Argent will lead the preparation of the planning application which is expected to be submitted in Q4 2024. The scheme will include expansive study areas, a digital competitive gaming zone where residents can play virtual sports including football, padel and tennis, as well as a health kitchen that includes a zero-waste shop, private dining, a yoga studio, a herb garden and relaxation pods.
The development will be enviably located just minutes from Claremont Park and close to Brent Cross West station on the Thameslink line, which connects with St. Pancras International in as little as 12 minutes. Alongside excellent connections to central London universities, Brent Cross Town has its own university offer, with Sheffield Hallam University set to open its first campus outside Yorkshire there.
This is the seventh development on which Fusion and Cheyne have partnered and their second in Brent Cross Town. The new scheme will bring the value of the investment partnership's assets in Brent Cross Town to c. £500million in GDV.
Fusion and Cheyne's first PBSA scheme in Brent Cross Town, which was designed by Glenn Howells Architects and acquired in June 2022, is expected to complete in Q2 2025. The scheme of three connected buildings will provide 662 rooms, a dedicated events space, a café, and a zero-waste shop, as well as a cinema room, an e-sports arena and a KTV karaoke room. In line with Fusion's design-led focus on a premium resident experience and health and wellbeing, it will also feature group and private study lounges and rooms, an onsite gym, yoga and wellness studios, a basketball court and an external terrace.
Julian Evans, Land and Planning Director at Fusion Group, said: "Brent Cross Town is London's most exciting new neighbourhood, and expanding our partnerships with Cheyne and Related Argent to bring more than 1,300 student rooms to it is a privilege. As we continue our community engagement to ensure we can best contribute to the vibrancy of this neighbourhood, we'll bring our decades of experience of developing residential assets in urban regenerations across the country to deliver another best-in-class student scheme as part of the town."
Hamish Gordon of Cheyne Real Estate, said: "The student housing market continues to be driven by considerable demand, with a growing need for high-quality and well-located developments across the UK and particularly in London. Our team has deep experience creating high-quality facilities for students throughout Europe, and we are excited to continue our partnership with Fusion to deliver another premium scheme to benefit both students and the wider community in Brent Cross Town."
Oli Rifkind, Executive Director at Related Argent, said: "We are delighted to welcome Fusion and Cheyne back to Brent Cross Town. Their commitment to a second student housing scheme aligns with our programme of delivering complementary uses to the rest of the development, to help accelerate the growing population of our new Park Town. Fusion's track record in providing great student living environments in high quality and well-managed developments fits perfectly with our aim to create a town where all can flourish. This new development will support future generations to thrive and adds to the vibrant mix at Brent Cross Town – a place where co-living, student homes, later living, rental, for-sale and affordable homes are all on offer alongside workspace for 25,000 people, catering for all ages and stages of life."
Councillor Ross Houston, Barnet Council Cabinet Member for Homes and Regeneration, said: "We are pleased that Fusion and Cheyne Capital have signed up to deliver a second offer for student accommodation, it shows our dedication to offering a first-class higher education experience at Brent Cross Town, while the student community that live and study here will contribute to the vibrancy of our mixed-use neighbourhood."
Confirmation of Fusion's second development continues the significant progress being made at Brent Cross Town, where seven buildings are under construction with the first residents moving into the town later this year. The first office building, 3 Copper Square, is underway and will be completed in 2026. In total, over 930 homes, including affordable, market sale, and rental homes are on-site, alongside the first 662 student rooms in partnership with Fusion and Cheyne. The first permanent public park, Claremont Park, opened in June 2022 and Brent Cross West mainline station, which opened in December 2023, connects with St Pancras International in as little as 12 minutes. Brent Cross Town already boasts a selection of local retail and leisure offerings, and Sheffield Hallam University will open its first campus outside Sheffield at Brent Cross Town.