Feb 01, 2016
We have partnered with student accommodation providers Urbanest on a newly built property which will contribute £1.4 million a year towards our charitable goals.
Urbanest Westminster Bridge, which overlooks the Houses of Parliament, was officially opened last week. It sits on land previously occupied by York House and owned by the Charity as part of the property portfolio in our endowment.
We have partnered with Urbanest on the scheme and will receive a percentage of the rental income which will contribute directly to support our mission for better health care in Lambeth and Southwark. We expect that the partnership will add £1.4 million a year to our endowment, which provides the funding needed for our main grants programme and other charitable activity.
The building offers state-of-the-art facilities and a wide range of accommodation options for 1,100 UK and overseas students. The majority of students will come from London School of Economics and our local partner King’s College London.
In addition to bringing new university students to the area, Urbanest Westminster Bridge delivers other benefits to the local community. The building houses a new independent six form college as well as low cost incubator office space for local businesses and sports facilities, including a swimming pool, free and open for local primary schools to use. The developers have also made a generous contribution towards the makeover of the nearby Archbishop’s Park.
The development’s mixed use is also designed to help boost the local economy and contribute to the ongoing regeneration of the Waterloo area.<