Singapore investor backs capital student schemes
Property development company, S Harrison, has agreed a forward funding deal with Singapore headquartered Q Investment Partners (QIP) to deliver two purpose-built student accommodation (PBSA) schemes in Edinburgh.
It is second deal that the company has secured with QIP and follows planning permission being granted in late 2022 for the schemes in East Newington Place, off Newington Road, and a second scheme within the historic surroundings of Canongate, just behind the Royal Mile.
The two developments will offer a total of 141 studio rooms and amenity space.
In Canongate, S Harrison has permission for the partial demolition of existing buildings and the delivery of 76 studio rooms.
The East Newington Place development has seen an old, disused commercial unit demolished and the site will now be redeveloped into an energy-efficient four-storey building with 65 studio rooms.
Construction work at East Newington Place will start in the coming months, with the scheme complete and ready for the 2025 student intake. Demolition work at Canongate will begin soon, with the development ready to open for the start of the 2026 academic year.
Peter Young, CEO and co-founder of QIP, said: “This latest venture marks our ongoing strategic collaboration with S Harrison, our second partnership with them, underscoring QIP’s unwavering dedication to the UK PBSA sector.
Leveraging our fully-integrated platform, we are able to meet the rising demands for top-tier student accommodation, and our partnership with S Harrison highlights our commitment to delivering exceptional projects that align with the evolving needs of the market. We look forward to exploring more opportunities together.”
These latest schemes bring QIP’s UK portfolio to its eleventh asset to date and its fourth in the Edinburgh PBSA market, marking a significant milestone in its strategy to deliver c.2,000 beds across prime university cities.
The company first entered the Scottish PBSA market in 2019, acquiring a 198-bedroom site on London Road, known as Straits Meadow. Two years later QIP invested in a second phase of the site, consisting of a further 76-bedrooms.
S Harrison has made a substantial investment in Edinburgh in recent years and is converting a 1970s office building in Wester Coates into a hotel for international hotel operator Meininger.
It has submitted proposals for a residential-led development at Ocean Point 2 in Leith.
QIP is focused on purpose-built residential real estate. As a fully integrated platform and invests in mature markets around the world.