A well-known London Bridge site is to be turned into a 31-storey student accommodation tower.
Student accommodation giant Greystar has bought Capital House from a private investor for an undisclosed sum.
The site, on the corner of Weston Street and St Thomas Street, is adjacent to Guy’s Hospital and is less than 200 metres from the Shard.
It currently has two planning consents – one for student accommodation and one for residential – in a 31-storey tower designed by SPAARC and nicknamed ‘The Quill’.
One of these consents is for a 470-bed student accommodation development, which Greystar will be going ahead with under its ‘Chapter’ brand.
The other is for 119 luxury residential apartments, granted via a change of use application in September 2015.
Greystar owns and operates student accommodation brand Chapter, which provides premium student living in London.
Chapter has 4,456 student beds across eight London sites already and is looking to grow its portfolio across London.
Troy Tomasik, managing director of investment for Greystar, said: “We are delighted to have acquired this incredible site in one of the best-connected parts of London.
“We’re very excited this will be our first development project in Southwark, in addition to our existing Southwark asset at Southbank.
“Southwark, with its world-class universities and institutions of higher education, is the ideal location for Greystar.
“We look forward to continuing to solve London’s shortage of good quality student accommodation and exploring options for the site over the coming months.”
Southwark Council and Capital House tenants have been notified of the sale.
Greystar was represented by Dovid Sharman of Kingsbridge Partners.