Students have now moved into new halls of residents in the historic Southwark Town Hall building in Peckham.
Southwark Council sold the building with planning permission to Alumno Developments in 2014 for £5m.
Construction also saw demolition of the former Theatre Peckham building, which is relocating to Havil Street in Camberwell, and due to open this year.
Its 149 en-suite rooms have gone to Camberwell Arts College students, while a café and gallery for students and the public is being managed by the council in collaboration with the Hotel Elephant community group.