West End in focus for investment
Select to develop prime Glasgow site for students
Select Property Group has acquired the site in Beith Street which is part of a planned £1.2 billion redevelopment of the area.
It has a gross development value of £67 million and will comprise 441 self-contained studios, incorporating 501 beds. The site, close to Glasgow University, will be developed, let and managed under the company’s Vita Student brand.
Select has developed sites in Bristol, Exeter, Liverpool, Manchester, Sheffield and Southampton, providing students with state-of-the-art apartments and facilities including gyms, movie theatres and bespoke study areas. It has just acquired its first campus development in York.
Mark Stott, chief executive of Select Property Group, said the Glasgow purchase is a major milestone for the business: “The redevelopment of the city’s West End presents an outstanding opportunity for us to deliver a legacy of unique and inspirational living environments for the students of Glasgow.
“With year-on-year rental rates rising by 1.6% in April, our new Vita Student development presents a compelling proposition for students and investors alike.”
Work on the site will start later this month.