Royal Albert Dock Secures £113M Funding for Major PBSA Development
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Royal Albert Dock is set to undergo a major transformation after developer DPK Group secured a £113 million loan from Firma Partners to convert vacant office buildings into a large PBSA development in east London.
The financing will support the redevelopment of 450,000 square feet of unused office space at Royal Albert Dock into a 1,085-bed student accommodation scheme. Once complete, the project will have an estimated gross development value of £300 million and is expected to strengthen the supply of quality housing for students in the capital.
Vacant Offices to Become Modern Student Accommodation
The redevelopment at Royal Albert Dock will convert 20 existing riverfront office buildings into modern PBSA without requiring major structural changes. Most of the work will focus on internal fit-outs after planning permission for the project was granted in 2023.
The office buildings were originally completed in 2019 by Brookfield Multiplex but have remained vacant since developer ABP collapsed in 2022. Despite being unoccupied, the buildings hold strong environmental credentials, including BREEAM 'Excellent' and EPC 'A' ratings.
The completed student accommodation project will be managed by Homes for Students, one of the UK's leading student property operators.
Royal Albert Dock Project Addresses Growing Demand
Developer DPK Group believes Royal Albert Dock offers an ideal location for students due to its waterfront setting, transport links and proximity to several universities across London.
David Maxwell, founder of DPK Group, described Royal Albert Dock as a unique asset with strong potential to become a student-focused campus environment. He added that Firma Partners developed a financing strategy tailored to the project's complexity while supporting realistic delivery timelines.
The redevelopment is expected to increase the availability of London accommodation for both domestic and international students, helping meet continued demand across the city.
Firma Partners Backs Large-Scale PBSA Investment
Firma Partners said the investment reflects growing confidence in PBSA as demand for quality student accommodation continues to outpace supply in many university cities.
Victor Librae, chief executive of Firma Partners, said the Royal Albert Dock project combines an undersupplied student market with a strategically located regeneration opportunity. He noted that repurposing vacant office buildings into housing for students aligns with the firm's focus on unlocking value from complex real estate projects.
The investment also highlights increasing interest in converting underused commercial properties into educational and residential spaces.
Construction Expected to Finish in 2027
Construction at Royal Albert Dock is expected to take around 18 months, with practical completion targeted for the third quarter of 2027.
Once completed, the PBSA development will provide 1,085 new beds and significantly expand the supply of student accommodation in East London. The scheme is also expected to support wider regeneration efforts in the Royal Docks area while making better use of long-vacant office space.
As universities continue attracting students from around the world, developments like Royal Albert Dock are becoming increasingly important in addressing the city's long-term housing needs and improving access to high-quality London accommodation.