A £238 million development finance facility has been provided by Maslow Capital to a joint venture between Arada London and the Shaw Corporation. This funding is for Devonshire Place, a mixed-use scheme located on Old Kent Road in Southwark.
The development will comprise 941 purpose-built student accommodation beds and 200 affordable homes. The student accommodation will be housed in two blocks, ranging from 20 to 34 storeys, offering various room types including accessible rooms. Two additional blocks will contain the affordable homes, which have been acquired by L&G’s Affordable Homes division.
The scheme will also feature ground-floor commercial, community, and public spaces. Student residents will have access to amenities such as a library, study rooms, a gym, a screening room, and laundry facilities. Arada London’s in-house construction business will serve as the main contractor, with completion anticipated before the 2029/30 academic year.