New city venture
More Asia interest as Singapore firm buys student block
Student block will revive a brownfield site
Far East interest in the Scottish commercial property market has continued with a Singapore-based private equity firm backing plans for a £30 million student housing development in Edinburgh.
Q Investment Partners has bought the site of the 198-bedroom block opposite the former Meadowbank Stadium in a venture with UK development business HGD. They have acquired the building from property developer, Summix.
This is the first venture north of the border for QIP, and the purchase also marks the launch of a long-term strategic partnership between QIP and HGD. The companies are establishing an institutional PBSA platform as they seek to increase their investment in this established sector. Summix also hopes to work with the partners on delivering new sites.
The new accommodation on a brownfield site in London Road was approved by Edinburgh City Council in June despite criticism of the barracks-style design.
It wil be a mix of studios together with a community/office space, student common areas, a laundry and cycle parking.
Rob Greaves, Director for HGD commented:“We are delighted to be working in partnership to deliver what we hope is the first of many schemes in Scotland.”
Ben Hall, Head of Investment for QIP said: “Despite the uncertainties of Brexit, UK PBSA remains an attractive asset class and Edinburgh is proving especially buoyant as one of the top student accommodation investment markets. With world-class universities there is strong demand for student accommodation, boosting investor confidence, and this is especially true for Asian investors.”
Stuart Black at Summix added: “It is great to be working in partnership with QIP and HGD as they begin work on this scheme, their first venture north of the border. We look forward to working with them on future deals.”