Woolwich student accommodation block begins to emerge
A student block under construction in Woolwich has begun to emerge from its wrapping.
As sheeting and scaffolding come down the first sight of the building’s exterior has been revealed. Upon completion a total of 299 rooms will be included within the building on Beresford Street located on the former Catholic Club site with another 120 rooms proposed next door.
In fact this whole stretch of Beresford Street will become a hotspot of student accommodation with Riverside House set for conversion into a hotel alongside 265 student rooms.
Over the road plans are in for 918 student rooms at the former Woolwich poly school site.
These development will bring millions fewer pounds in revenue to council coffers compared to other forms of development after a lower level of Community Infrastructure Levy was set.
Not only is it less per square metre than other forms of building within Greenwich borough but also substantially lower than most of London, from outer London rates in Bromley to inner London rates at, say, Tower Hamlets despite excellent new transport options due to the Elizabeth line in Woolwich.
Bromley’s CIL rate is almost double Greenwich’s rate while Tower Hamlets is nearly five times greater.
Greenwich Council stated a low rate must be set for student housing and co-living due to a lack of local precedent, though boroughs such as Bromley had recently been able to set higher CIL rates despite a similar lack of precedent.
With purpose built student accommodation (PBSA) pretty much the number one game in town right now this all adds up to millions less in revenue than would be the case in many other London boroughs.
