The University of Gloucestershire has sold its London campus for £9.7 million with new owners LHA London Limited, taking ownership of the site from yesterday.
University business will continue on the site until June.
Formerly the Urban Learning Foundation, the London Campus was primarily used for teacher training along with recruiting international students. It became part of the University in 2003 and was put on the market in September 2009.
Paul Drake, director of communications at the University of Gloucestershire, said: “The University has reached another milestone on the road to a more sustainable future. The University’s academic health has been given the seal of approval by the recent Quality Assurance Agency institutional audit and the 2009/10 budget is projected to return a surplus at the financial year end. The sale proceeds will be used to bring down University debt and to finance impending estate refurbishment in Gloucestershire. As we move towards celebrating the 10th anniversary of our University status next year we are on target to improve the financial position and provide an excellent student experience into the future.’
The LHA was founded in 1940 to help people made homeless by the Blitz. Today with 12 sites across the city they provide affordable accommodation for more than 1450 students, young professionals and those new to London, providing quality accommodation.
Chief Executive, Tony Perkins, said purchasing the London Campus is an ideal way to celebrate the organisation’s 70th anniversary.
“We look forward to offering state of the art teaching facilities with superb single en suite student accommodation. The former London Campus, now renamed Davies Court, will complement our existing portfolio and gives us a new presence in East London.”
The University of Gloucestershire gained University title in 2001 but has a long history as an education provider stretching back to the 19th century.
The University has developed an international reputation for its commitment to sustainability.
The London Campus (formerly known as the Urban Learning Foundation) was established 30 years ago with the aim of enhancing the quality of initial teacher training.
The wartime government set up the London Hostels Association Ltd on November 5, 1940, and despite the challenges they faced as the Blitz raged on in the city, the first hostel was opened in January 1941.
Following the war most residents were government workers. Today it is a charity, and is governed by a Voluntary Council of Management.
For more information on the LHA please visit www.london-hostels.co.uk
Source: University of Gloucestershire