Maven’s property arm to redevelop Dundee student accommodation
Maven has acquired the Courthouse Apartments, an existing purpose built student accommodation (PBSA) property in the heart of Dundee. The building is currently undergoing a comprehensive £6.7m internal refurbishment and will re-open as a superior 116 bed development in time for the start of the 2016/17 academic year. Rebranded as the Marketgait Apartments, the show flat is now open and initial bookings have already taken place.
Originally built in 2007, the building is benefiting from a complete overhaul and reconfiguration of the internal structure, creating 94 studio apartments, 22 ensuite bedrooms spread across four cluster flats, and a residents' common room. Maven have appointed Collegiate as the property manager following its successful collaboration on 333 Bath Street, a refurbished office building in Glasgow which was converted into luxury student accommodation and opened for the start of the current academic year.
Despite boasting around 15,000 full time students, Dundee has only 48 individual studios available to rent across the current available accommodation. Marketgait will almost treble this number, tapping into a segment of the market which demands higher quality specification but is significantly undersupplied.
The building occupies a prime position in the centre of Dundee and is located only a short walk from both the University of Abertay and Dundee University.
The transaction represents Maven’s fourth PBSA venture in Scotland following the developments of 333 Bath Street and Claremont House in Glasgow, and its recent appointment by a Singaporean Investment Fund as asset manager for a new 255-bedroomed development in Edinburgh.
“Dundee is a strong university location with one of the most acute shortages of purpose built student accommodation in the country. Maven is delighted to be making this significant investment that will greatly enhance the quality of the city's accommodation provision thus playing its part in helping the universities attract and retain the best students from the UK and indeed further afield.”
Colin Anderson, Investment Director at Maven
“We are delighted to be working alongside Maven to be able to bring brand new student accommodation, of the very highest quality, to Dundee students. Marketgait Apartments will set a new standard for student accommodation in the city and we are proud to build on our previous experience to provide luxurious properties with both beautiful interiors and on-site facilities for the modern student who deserves the very best.”
Heriberto Cuanalo, CEO of Collegiate AC