Maven acquires site in Edinburgh for PBSA development
Maven’s property team have purchased land at Murieston Crescent, Edinburgh, for the development of a new purpose built student accommodation (PBSA) complex. The site has been acquired on behalf of a client with a strong interest in the sector.
The Murieston site is situated in a prime location close to Haymarket in Edinburgh’s West End, and is strategically placed for Heriot-Watt, Napier and Edinburgh universities. The total project cost is estimated to be in the region of £15 million with practical completion targeted for summer 2022.
Maven has taken Murieston Crescent through the full planning process with permission now granted for a 120-bed PBSA development, comprising of 108 studio apartments and 12 ensuite cluster flats over six floors. The development is estimated to cost £15 million with a practical completion targeted for summer 2022.
There remains an acute shortage of purpose built accommodation for students in Edinburgh. It is estimated that around 60% of Edinburgh’s full-time student population are unable to access either university provided or private purpose built student accommodation.
Maven has extensive experience in the PBSA sector where it has developed, asset managed and operated properties across the UK, including Glasgow, Dundee, Durham, Liverpool and Birmingham. It was also the asset manager for Mill Hill, a 257-bed student accommodation complex on Gorgie Road, Edinburgh, which was sold for £25.1 million in 2018. The Murieston Crescent transaction represents Maven’s 14th PBSA development, totalling over 2,000 beds.
The design team inolved in the project are currently reviewing a range of Covid related augmentations such as contactless entry and filtered ventilation systems to ensure the building is a safe and secure environment for its residents.
“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.”
Colin Anderson, Partner at Maven