Maven to provide asset management to new Edinburgh student development
Maven has increased its stake in the UK student housing market by undertaking a major property development in Edinburgh, where it will act as the asset manager on behalf of a Singapore-based Investment Fund.
The £19 million investment will see 255 purpose-built bedrooms built on Gorgie Road in Edinburgh, within three miles of the city centre. This is Maven’s second partnership with IPIM in the student accommodation market following the acquisition in March of a site in Selly Oak in Birmingham which will provide 100 studios when completed in September 2016.
There are an estimated 34,000 students in Edinburgh who do not have access to university halls of residence or purpose-built accommodation. The site will add 92,000 sq ft to accommodate the city’s growing student population in a mix of cluster flats and studios set to be completed in 2017 ahead of the new academic year.
Andrew Whiteley, Investment Director at Maven Capital Partners, added: “The Gorgie Road property will be an excellent addition to the Edinburgh student accommodation market, which remains substantially undersupplied. We are looking forward to getting on site early in the New Year and to delivering another high quality asset to IPIM well ahead of the start of the 2017/18 academic year.”