UK: Maven Capital Partners has bought a site in Edinburgh for the development of a 120-bed student accommodation project.
The site, on Murieston Crescent, was acquired for £2.8 million and has planning permission for a £15 million GDV project featuring 108 studio apartments and 12 ensuite cluster flats over six floors. The development will be completed in the summer of 2022.
Colin Anderson, partner at Maven, said: “The PBSA sector has a history of low volatility and, despite the wider macro-economic issues which have resulted from the Covid-19 crisis, we are continuing to see strong student sentiment to continue their education with an increase in applications this year to UK universities and colleges according to UCAS data. We are confident that any uncertainties around academic start dates will only have a short-term impact while markets normalise and, once global travel restrictions lift, we will once again see the UK, and in particular Edinburgh, as one of the world’s most popular hotspots for overseas students. Our design team is currently reviewing various Covid related augmentations such as contactless entry and filtered ventilation systems to ensure the building is a safe and secure environment for its residents.”
Will Scarlett of Scarlett Land and Development, which acted for the vendor, said: “SLD are delighted to have completed this transaction on behalf of The Route Finance which has required patience and tenacity by both parties. This is one of several PBSA deals brokered by SLD at the current time that demonstrate that the Edinburgh market remains solid for the right site in the right location.”
