Firma Partners has provided a £113m development finance facility to support the conversion of a vacant office building into purpose-built student accommodation (PBSA) in London.
DPK Group has secured the first stage whole loan to fund the transformation of its Royal Albert Dock site, located next to London City Airport. The scheme will see around 450,000 sq ft GIA of vacant office space converted into student accommodation, with an expected gross development value of £300m on completion.
The facility will finance the refurbishment of 20 riverfront buildings across the site. Once complete, the development will deliver 1,085 student beds alongside 55,000 sq ft of retail and amenity space, adding a significant volume of accommodation to a part of east London that has seen growing demand from students and young professionals.
Full planning consent for the site was secured in 2023, clearing the way for construction to proceed. The scheme is on track for completion in the third quarter of 2027, when it will be operated by Homes for Students.
Key features of the scheme include:
- Conversion of roughly 450,000 sq ft of vacant office space into student accommodation
- Refurbishment of 20 riverfront buildings across the Royal Albert Dock site
- Delivery of 1,085 student beds plus 55,000 sq ft of retail and amenity space
- Expected completion in Q3 2027, with Homes for Students operating the finished scheme
The project reflects a wider pattern in the development finance market, where lenders are increasingly backing office-to-residential and office-to-PBSA conversions as demand for traditional office space softens in some locations.
For landlords and investors watching the student accommodation sector, the scale of the Royal Albert Dock scheme illustrates the kind of large-format conversion projects now attracting significant institutional lending.
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
