Cheyne Capital and Fusion buy London site for £275m PBSA development
Cheyne Capital and Fusion Group have jointly acquired a second site for purpose-built student accommodation in Brent Cross Town, London.
The alternative investment manager and student accommodation developer/operator have teamed up to deliver around 650 student beds in Brent Cross Town, a 180-acre, £8 billion mixed-use town development in north London. Upon completion, Brent Cross Town will comprise 6,700 new homes, workspace for 25,000 people, schools, a high street, leisure spaces and over 50 acres of parks and playing fields.
Cheyne Capital and Fusion’s £275 million PBSA scheme will include study areas, a digital competitive gaming zone where residents can play virtual sports, a health kitchen that includes a zero-waste shop, private dining, a yoga studio, a herb garden and relaxation pods.
Related Argent will lead the preparation of the planning application which is expected to be submitted in Q4 2024.
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 around £500 million 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.
Why it matters
The continued partnership between Cheyne and Fusion highlights a growing trend where investors are increasingly attracted to alternative real estate assets. The features included in the project such as co-living spaces, digital gaming zones and wellness facilities, reflect a shift towards hybrid accommodation models that blend living, working and leisure. Furthermore, the development of student accommodation within a mixed-use development such as Brent Cross Town could complement hotel demand in the area by creating vibrant, year-round activity hubs that attract not only residents but also visitors.
What they said
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 added: “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 added: “We are delighted to welcome Fusion and Cheyne back to Brent Cross Town. 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.”