Maven & IPIM build Stirling’s 1st purpose built student accommodation
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.
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.
“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 a 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.”
Colin Anderson, Investment Director at Maven
“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.”
Selina Williams, Investment Director, IP Investment Management