Maven has stepped up its push into the UK student housing market by undertaking another major property development in Birmingham, where it will act as the asset manager for a Singapore-based Investment Fund on a project in the Selly Oak area of the city.
The purpose-built student accommodation will be erected on Bristol Road is located within easy walking distance of Birmingham University campus and a short 10-min train journey into the city centre. The development has planning consent for 100 high quality studio apartments with ensuite facilities, and will also benefit from 6,662 sq ft of ground floor retail space. It is projected that the accommodation will be ready in time for occupation by students for the start of the 2016/17 academic year.
Birmingham ranks amongst the top areas in the UK experiencing a chronic undersupply of purpose-built student accommodation. With occupational demand now on a firm upward trajectory and an increasing number of overseas students coming to the UK to study, the student accommodation sector is producing positive rental growth and has demonstrated its resilience throughout the economic downturn.
Andrew Whiteley of Maven Capital Partners, said: “We are very pleased to be working on this exciting project in Birmingham. A shortfall of good quality purpose built student accommodation exists in the City and this development will go some way to satisfying that pent up demand.”
“We have significant experience in delivering similar projects across the UK and the student accommodation sector continues to provide good returns for investors, given the continued strong demand from occupiers and institutional purchasers. This is particularly the case in locations – such as Birmingham – that are under-supplied with purpose built accommodation and we are therefore delighted to be working on such a high quality and well-located development.”