First purpose-built unit for city
Maven Capital JV funds first Stirling students hall
Forthside Way: helping plug gap in accommodation
Stirling’s first purpose-built student accommodation is being financed by Maven Capital Partners and IP Investment Management.
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. Senior debt finance is from Royal Bank of Scotland.
The 207-bed facility will be built on the banks of the River Forth in the city centre.
Forthside Way will help address the acute shortage in accommodation for the substantial student population of circa 10,000. Construction is due to start with the complex open in time for the beginning of the 2019/20 academic year.
The two buildings comprise 123 studios, 8 one-bed apartments, and 76 two and three-bed cluster flats. There will be a cinema, gym, games room, laundry and several private/group study rooms.
The acquisition is Maven’s seventh purpose-built student accommodation (PBSA) collaboration with IPIM. Together they have delivered 1,200 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.
The joint venture 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.
Colin Anderson, investment director at Maven, said: “Stirling has one of the most acute shortages of student accommodation in the country.”