Refurb Projects May 2018

SCHOOL BUILDING
Maven & IP Investment Management build Stirling’s
first purpose built student accommodation
£18.2m new build development
will bring 207 new beds to
Stirling’s underserved and
over-stretched student
accommodation market.
Maven Capital Partners
(“Maven”) and IP Investment
Management (“IPIM”) have
continued their penetration into the
UK student housing sector with their
latest development, the construction
of Stirling’s first purpose built
student accommodation (PBSA).
Maven will act as the asset manager
representing Hong Kong based IPIM
to deliver the £18.2m project in
conjunction with development
manager Whiteburn Projects Limited
and senior debt finance from The
Royal Bank of Scotland.
The 207-bed facility will be
located on the banks of the River
Fourth next to Stirling City Centre,
Scotland, and within easy commute
of the out-of-town campus of the
University of Stirling. The site is
located only 250m from the main
railway station and sits on the
dedicated bus route to/from the
university campus, which runs up to
19 buses per hour.
Forthside Way will become the
first PBSA in Stirling, and will help
address the acute shortage in
accommodation for the substantial
student population of circa 10,000.
Construction is due to commence in
early 2018, with the complex due to
be open in time for the start of the
2019/20 academic year.
The development will be set
across two buildings and comprise
123 studios, 8 one-bed apartments,
and 76 two and three-bed cluster
flats. Residents at Forthside Way will
also benefit from extensive
communal facilities which include a
cinema, gym, games room, laundry
and several private/group study
rooms.
The acquisition is Maven’s
seventh PBSA collaboration with
IPIM. Together they have delivered
over 1,200 purpose built student
accommodation beds at sites across
the UK, including the £19m
development of The Millhouse in
Edinburgh and 103 studios at 800
Bristol Road in Selly Oak,
Birmingham. In addition, the joint
venture currently has PBSA sites
under construction in Liverpool,
Durham, Exeter and Bournemouth.
Maven’s property portfolio has
expanded significantly in recent
years and the team now manages 19
property investments with a
combined Gross Development Value
in excess of £250 million.
Colin Anderson, Investment
Director at Maven, said: “University
of Stirling has strong a reputation
for its sporting excellence and there
is strong demand for a number of its
courses, a number of which are
considerably over-subscribed.
Despite this, Stirling has one of the
most acute shortages of student
accommodation in the country. With
no private PBSA market to speak of
in the city, Maven is delighted to be
working once again with IPIM to
greatly enhance the quality of the
accommodation provision and play
its part to help the University attract
and retain the best students from
the UK and further afield.”
Selina Williams, Investment
Director, IP Investment Management,
added: “The acquisition of Forthside
Way complements our growing
portfolio of PBSA assets in strong
UK university cities and we are
delighted to be continuing our
successful partnership with Maven
in this sector. We continue to see
opportunities in student
accommodation in towns and cities
with strong fundamentals such as
Stirling.”
Iain Robertson, Relationship
Director, Royal Bank of Scotland,
added: “We are proud to support
Maven and IPIM in their latest
development project. The venture
will provide much needed
accommodation for Stirling’s large
student population, offering a
modern and safe environment in
which to live.”
Crosslane Student Developments
Crosslane Student
Developments, part of the
Crosslane Property Group, is
pleased to announce that it
has secured planning consent to
deliver a 266 bed sensitivelydesigned,
purpose-built student
accommodation development on
Harper Road, Coventry.
Completion of the scheme is due
in time for the 2019/20 academic
year. Prime Student Living, the
student accommodation lettings and
operational management arm of the
Crosslane Property Group, will be
responsible for marketing, lettings,
management and achieving full
occupancy prior to practical
completion.
Located on the former Dairy
Crest site on Harper Road in
Coventry, the development is a twominute
walk to Coventry University’s
main campus and a ten-minute walk
to the city centre. The new purposebuilt,
high specification student
accommodation scheme will
comprise 266 beds arranged as ensuite
bedrooms in cluster flats of
four, five, six and seven which will
help to deliver what students are
increasingly demanding: an
environment focused on shared
living and more collaborative
learning. Cluster flats will share a
spacious lounge, kitchen and dining
area including a free-to-use
washer/dryer in every kitchen, which
has proved particularly popular in
other properties Crosslane has
developed.
Students living at the new
property will also enjoy a range of
high quality communal facilities,
including a large common room
with views of the River Sherbourne,
a study hub and meeting space, gym
and bike storage, as well as superfast
100MB WiFi throughout the
building.
The design of the building
follows a U-shape, which wraps
around a central courtyard and has
been sensitively designed using
materials which are in keeping with
the surrounding architecture. The
front of the building is stepped back
from the pavement creating a more
open and green environment, along
with garden landscaping within the
courtyard. In addition, ‘living’ sedum
rooves have been chosen as a more
sustainable and environmentally
conscious option, also providing the
benefit of a more natural
appearance.
Coventry is home to the fastest
growing university by student
enrolment in the UK, with 24,600
full time students in the city. Having
already achieved planning
permission for its Friars’ Road
scheme in Coventry, Crosslane will
be delivering a total of 880 new
student beds in the city, which will
be ready for occupation for the
2019/20 academic year. These
developments will go some way
towards satisfying student demand
for purpose-built accommodation, as
well as helping the university meet
its five year growth ambitions,
whilst also freeing up more housing
for local families and young
professionals to rent.
DAY Architectural are the
appointed architects for the
development.
www.crosslanegroup.com
30 MAY 2018, REFURBISHMENT PROJECTS