Unite Students has acquired an 800-bed development site in Paddington.
The Bristol-headquartered company has exchanged contracts with Travis Perkins on a subject to planning basis, with the scheme's development costs estimated to be £150m.
The project is targeted for delivery for the 2023/24 academic year, subject to planning approval. Discussions are already underway with university partners.
Chief executive Richard Smith said: "Our latest land acquisition means we have now secured £175m of new development opportunities since our recent placing.
"This is a rare opportunity to acquire a Zone 1 central London site in an excellent location, which will help to meet the growing accommodation needs of our London-based university partners.
"We remain confident in the growth outlook for London over the next decade, reflecting the global reputation of its Universities and a positive outlook for growth in UK and international student numbers."
Reflecting on the year, Unite has let 88 per cent of bed spaces across its whole portfolio for the 2020/21 academic intake, down from 98 per cent the prior period.
Checked-in occupancy increased from 70 per cent to 80 per cent.