Maven to asset manage three new student accommodation developments
Maven Property has stepped up its push into the UK student housing market by acting as the asset manager on three new major developments in Durham, Exeter and Liverpool. Maven will once again work alongside a Singapore-based private equity real estate fund, in helping deliver the project following its collaboration on existing projects in Birmingham and Edinburgh.
The combined portfolio of five purpose built student accommodation (PBSA) developments will provide an additional 932 beds in high-demand areas, with an estimated gross development value in excess of £100 million.
The site at Neville’s Cross in Durham has full planning consent for 274 student studios over a cluster comprising of six townhouse blocks ranging from three to five stories. Each integrated student hub will come complete with amenities including a common room, laundry room, fitness room, cinema/TV room, outdoor terrace and dining area, games room, and multi-purpose room. The total cost of the development is expected to be approximately £24 million.
The development at Frog Street in Exeter sits in an excellent City centre location and will provide 98 student studios in a single 5 storey block. Comprising of a mixture of standard and duplex studios, each unit will feature modern amenities such as a common room / lounge, games room, laundry room, and bike storage. The total cost of the development in Exeter is expected to be approximately £11 million.
In Liverpool, the site is located in the heart of the City centre, adjacent to Liverpool John Moors University and within walking distance to the University of Liverpool campus. The site has planning consent for 200 student studios over 9 floors and features amenities including a common room, gym, cinema and private dining room. The total cost of the development is expected to be approximately £15 million.
UK Purpose Built Student Accommodation has established itself as a popular and robust property asset class in recent years. With UK student numbers forecast to grow, domestic and overseas investors continue to be attracted by the strong income producing characteristics and long term growth prospects that the sector offers.
Andrew Whiteley, Investment Director at Maven Capital Partners, said: “We are delighted to be working with our Singaporean partners on these three exciting projects. Once built, each of the properties will offer student accommodation of the very highest standard in popular, well established student locations. Each of the 3 sites in question are situated in cities experiencing continued strong growth in student numbers and whose universities are world renowned for their academic and research excellence."