Arthur takes a look at new student housing developments and management schemes under construction in the U.K
A brand-new construction has started on a 527 bedroom, 12 storey block in Southampton. Located in Cumberland Place, it is close to the city centre and will include features such as ground commercial floor space, a management suite, common rooms and ancillary buildings. Midas, its’ construction company, has been responsible for the build-working on the project for Victoria Hall Management, and who are in turn working for RailPen.
Work has started laying down the foundations and if the build goes to schedule, the project should be completed by August 2019.
Midas’s southern region director, Peter Whitmore, said ”We are delighted to be getting under way on site and this high profile project for Victoria Hall. Not only does it represent a significant scheme in Southampton, but it will enable us to showcase the exciting career opportunities available in the construction industry and to provide further employment opportunities.”
A 136-bed student accommodation project in Birmingham has been snapped up by EZ Real Estate on behalf of a Russian buyer. Originally, the building was an office block but underwent reconstruction to become student accommodation in 2016.
EZ Real Estate has bought ‘City Edge’ in Birmingham on a leasehold basis for £10.6m. This development is located near Birmingham City University south campus in where a £41m expansion project is in the pipeline.
City edge has a lease of 111 years and Alisa Zotimove, founder of CEO and AZ Real Estate said the purchase signifies a strong-long term yield. She added ”Birmingham is the U.K’s second city, with an attractive ‘Knowledge economy’ that will continue to prosper, giving us confidence in this investment for the future.”
”The acquisition is also indicative of an emerging shift in investment trends, whereby clients are willing to forgo traditional trophy assets in favour of those with stronger long-term returns and projectable cash flow, many of which are now outside the capital.”