Willen House In London To Be Redeveloped Into 212 Bed Student Building
National law firm Irwin Mitchell has advised EC1 Residences Limited, a wholly owned subsidiary of Infrastructure Investments Limited, on its secured debt funding for a central London PBSA development with a GDV of £100m.
The debt, from ICG, will fund the redevelopment of Willen House, Bath Street, London into a 212-bed student building, which is set to open in September 2023.
According to the developers’ advisers, students in London are facing an accommodation crisis which is being exacerbated year on year as student numbers rise. The redeveloped building will help to meet such demand.
The £100m PBSA development will be operated with a nomination agreement from City University.
Architects tpbennett will repurpose the 1950s property and target energy-saving credentials through retaining structural fabric, installing energy-efficient façades and connecting to the local district heating network.
Property partner, Guy Sackett led the Irwin Mitchell team advising EC1 Residences Limited on the refinancing and the firm will continue to advise on the ongoing redevelopment. Gowlings advised the funder, ICG.