Glasgow-based Maven Capital Partners, a leading UK private equity and property manager, and Glenmore Group, a London-based investment firm, began work on a new student housing complex (PBSA) specially designed in Dundee.
The development site, on the location of a former hessian cloth mill, is between Douglas Street and Brown Street in the city center and has been vacant for several years. Full planning permission has been granted for 152 studio and amenity spaces.
The property will be completed before the 2024/25 academic year.
The £19.9m development move has been partly financed by Glenmore, along with a bank facility from Puma Property Finance. Maven will act as asset manager on the project, which will be built by Aberdeen-based CHAP Group.
The development is less than a ten minute walk from the University of Dundee and Abertay University campuses.
The top floor of the studios will include a partially covered roof terrace.
Maven has extensive experience in the PBSA sector having developed, managed assets and operated a number of properties in many of the UK’s university towns including Glasgow, Edinburgh, Durham, Liverpool and Birmingham.
Paul Johnston, a partner at Maven, said of the move: “The PBSA sector has a history of low volatility and despite broader macro issues such as the cost of living, we continue to see strong appetite both domestically and internationally. students to continue their education in Dundee and be able to access high-quality accommodation that meets the expectations and needs of today’s students.”
Andrew Whiteley, of Glenmore Student Property, said: “We are absolutely delighted to be working with Maven and Chap Group to deliver what will be the best-in-class and much-needed new PBSA scheme in Dundee.”
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