University of Greenwich to spend £300 million on building projects

The University of Greenwich has issued a tender for £300 million in building projects across its three campuses in Greenwich, Avery Hill and Medway.

Work will run the gamut from new buildings to rebuilding and refurbishment.

Changes across the three sites are part of the University’s 2030 plans and in Greenwich covers the Old Naval College site.

Images from the tender show projected changes across the campus. Greenwich could see a new research centre.

At Avery Hill the university will retain a presence despite some of the site being projected to see a new secondary school.

Out in Kent at the Medway campus is also projected to see refurbishment and/or new builds across many buildings.

Student housing growth

Thousands of students rooms are planned across Greenwich with some sites already gaining approval.

Proposals include a tower on Creek Road which has been given the green light.

Plans for 700 further student rooms have been submitted nearby beside Deptford Creek. This is within the Greenwich borough enclave west of the creek.

Greenwich peninsula has also seen proposals including a 34-floor tower beside the o2 including 820 student rooms.

In addition this month saw an application for another major project comprising 340 student rooms and 352 flats.

Revenue

These developments will bring in substantially less income than similar developments in other London boroughs despite zone 2 locations beside excellent transport links. Here’s a range of rates developers pay per square metre for student housing in London:

• Greenwich £89.09 per square metre
• Newham £189 per square metre
• Tower Hamlets £447.31 per square metre
• Haringey £265 per square metre
• Lambeth £400 per square metre
• Bromley £150 per square metre

That equates to many millions difference in revenue levied upon developments of the sizes seen approved and proposed.

Proposed changes to CIL rates across the entirety of Greenwich borough including prime areas – which are happening eight years later than planned costing substantial revenue during that time – will not alter that low rate.

Firstly one reason given was a lack of precedent on student rates despite the planning examiner agreeing higher rates in other boroughs without precedence.

Then another was risking revised rates in other areas such as residential development – despite little evidence of similar seen elsewhere in other boroughs when one element was told to be reduced by the planning examiner. They did not ask for others to be reduced or thrown out.

The latest argument is that developers would argue against increased rates before a public hearing to be held soon.

Another is increased interest rates. Firstly, waiting so long to revise rates until rates increased maybe wasn’t the smartest decision by the authority. Secondly, residential developments are switching to student block precisely due to increased interest rates – with the student housing marking proving more appealing for developers in a time of higher interest rates. Some blocks in Greenwich are symptomatic of that.