The scheme on Westminster Bridge Road, south of the river Thames, will provide 1,092 bedrooms. The development will also accommodate office space, a new sixth-form college and a health ‘suite’ with swimming pool.
The residential floors will have photovoltaic panels and combined heat and power technology to achieve a BREEAM 'Excellent' rating. Bathroom pods and the cladding system will be built offsite to sped construction.
Balfour Beatty chief executive Andrew McNaughton said: "The dynamic student accommodation market is a key growth area for Balfour Beatty around the world. We look forward to bringing our knowledge and expertise of sustainable construction methods to this project, our fifth prestigious scheme for Urbanest, in the heart of the capital.
Balfour Beatty has committed to creating 40 apprenticeships for the project. At construction peak, the project will employ 500 people on site.
Main construction works are set to start this summer with completion in time for the beginning of the 2015 academic year.
This is Balfour Beatty's fifth student accommodation project in the capital for Urbanest, following100 East Road, Hoxton, The Minories in the City of London, the T6 development at Kings Cross and Camley Street in NW1. But with the previous four totalling £100m in value, this Westminster Bridge Road development is by far the largest of them.