By Kristy Dorsey
Maven Capital Partners has signalled its faith in the future of the student accommodation market with the acquisition of a prime development site in Edinburgh’s West End.
Situated close to Haymarket, Murieston Crescent has strong transport links to Heriot-Watt, Napier and Edinburgh universities. The site has been acquired for £2.8 million from wealth management firm The Route Finance.
Full planning permission has been granted for a 120-bed purpose built student accommodation (PBSA) complex including 108 studio apartments and 12 ensuite cluster flats. The £15m project is due to complete in summer 2022.
READ MORE: Property firm sells student blocks for £90m
It will be Glasgow-based Maven’s 14th PBSA development, with other properties in cities including Glasgow, Dundee, Durham, Liverpool and Birmingham.
Maven partner Colin Anderson said the increase in university applications recorded this year by UCAS shows the continuing demand for student accommodation. It is estimated approximately 60% of Edinburgh’s full-time students are unable to access either university-provided or purpose-built living space.
“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,” he said.
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