Maslow Capital provides £238m development facility for PBSA scheme in Southwark, London

Maslow Capital has provided a £238 million development finance facility to a joint venture between Arada London and the Shaw Corporation to fund the delivery of Devonshire Place, a major mixed‑use scheme comprising 941 student beds and 200 affordable homes on Old Kent Road in the London Borough of Southwark.

Devonshire Place, London Borough of Southwark

The student accommodation will be delivered across two towers ranging from 20 to 34 storeys, offering a mix of cluster rooms, studios and premium studios, including 109 accessible units. The 200 affordable homes, acquired by L&G Affordable Homes, will be delivered in two additional blocks alongside ground‑floor commercial, community and public space.

Residents will have access to an extensive amenity offering including a student library, private and group study rooms, a gym, screening room, private dining space, lounge areas and laundry facilities. Arada London’s in‑house construction business will act as main contractor, with completion targeted ahead of the 2029/30 academic year.
The brownfield site sits on the southern stretch of Old Kent Road, around eight minutes’ walk from Queens Road Peckham station, with bus connections to Elephant and Castle, Canada Water and Bermondsey.

James Henry, senior director, origination at Maslow Capital, said the scheme combines a well‑connected location with a sponsor experienced in delivering complex London projects. “Having worked with Arada London previously, and supported this site through its earlier financing stage, we have developed a detailed understanding of both the project and the team behind it. That continuity has enabled us to structure a facility that supports the next phase of delivery. Pairing high‑quality student accommodation with a substantial affordable housing component also makes this an important development for the wider Southwark area.”

Marc Eden, investment director at Arada London, said Devonshire Place will deliver significant new housing and student accommodation close to the proposed Bakerloo Line extension. “Maslow has provided important continuity of funding, helping us maintain momentum. This is the second student scheme we have delivered with Maslow, following Chalk Farm, and forms part of Arada London’s 4,500‑bed PBSA London portfolio. We value working with a lender that understands our development ambitions and can provide the flexibility and long‑term partnership needed to deliver landmark developments.”