A Scottish property company has hailed the start of work on new student accommodation at a derelict city factory site.

Glasgow-based Maven Capital Partners, a leading UK property and private equity manager, and Glenmore Group, a London-based investment firm, have started work on a new purpose-built student accommodation (PBSA) complex in Dundee.

The development site, at the location of a former hessian fabric factory, sits between Douglas Street and Brown Street in the city centre and has been vacant for several years. Full planning permission has been granted for 152 studio flats, and amenity spaces.

The property will be completed ahead of the 2024/25 academic year.

The £19.9 million development move has been part-funded by Glenmore, alongside a bank facility from Puma Property Finance. Maven will act as asset manager on the project, which will be constructed by Aberdeen-based CHAP Group.

The development is less than ten minutes’ walk to both the University of Dundee and Abertay University campuses.

The top floor of the studio flats will include a partly covered rooftop terrace.

Maven has extensive experience in the PBSA sector which it has developed, asset-managed and operated a number of properties across many of the UK’s university cities, including Glasgow, Edinburgh, Durham, Liverpool and Birmingham.

Paul Johnston, partner at Maven, said of the move: “The PBSA sector has a history of low volatility and, despite wider macro-economic issues, such as the cost of living, we are continuing to see strong appetite from both domestic and international students to continue their education in Dundee and to be able to access high-quality accommodation which meets the expectations and needs of today’s students."

Andrew Whiteley, from Glenmore Student Property, said: “We’re absolutely delighted to be working with Maven and Chap Group to deliver what will be a best-in-class and much-needed new PBSA scheme in Dundee."

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