Maven completes deal on £15m student block
Murieston Crescent will help meet demand
Property and private equity manager Maven Capital Partners has acquired a site in the Haymarket area of Edinburgh to build a 120-bed student accommodation complex.
Maven paid £2.8 million for the site in Murieston Crescent and has been granted permission for 108 studio apartments and 12 ensuite cluster flats over six floors.
The £15m development is due for completion in the summer of 2022.
There remains an acute shortage of purpose built student accommodation (PBSA) in Edinburgh with an estimated 60% of the full-time student population unable to access either university-provided or PBSA.
Maven has extensive experience in the PBSA sector having 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 £25.1m in 2018. The Murieston Crescent transaction represents Maven’s 14th PBSA development, and brings total bed provision to more than 2,000.
Colin Anderson, partner at Maven, said: “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.
“Our design team is currently reviewing various Covid related augmentations such as contactless entry and filtered ventilation systems to ensure the building is a safe and secure environment for its residents.”
Will Scarlett of Scarlett Land and Development, who acted for the seller, said said completing the transaction on behalf of The Route Finance “has required patience and tenacity by both parties”.
He added: “This is one of several PBSA deals brokered by SLD at the current time that demonstrate that the Edinburgh market remains solid for the right site in the right location.”