GMI completes £50m York PBSA
The construction firm’s 275-bed scheme for Olympian Homes is now ready for students, four years after planning was secured on the former Rialto Cinema site.
Funded by Cain International, the 80,000 sq ft, four-storey accommodation includes a gym, yoga studio, games area, podcast studio, music room, co-working spaces, group dining areas, and a cinema room in honour of the site’s history.
Located on Fishergate, Rialto House is a 10-minute walk from the centre of York and a short bus ride from the university.
Adding to the much-needed student housing stock in the city, it is one of three PBSA schemes GMI is delivering in York, with the others being a £22m project for S Harrison Developments on James Street, which will deliver 303 beds, and Urbium Capital and Harrogate-based Gregory Properties‘ £17m, 131-bed site on Foss Islands Road.
Rialto Cinema opened in 2013 and the site was also home to a Mecca bingo hall, which was demolished in 2003. It was then used as a car park.
Olympian exchanged contracts on the site in April 2021 and submitted a planning application in June that year to demolish the existing Mecca Bingo Hall.
After securing the contract, GMI began work began in 2022.
Olympian and Cain International completed a funding agreement for the scheme, alongside a second PBSA scheme, in 2023.
Ed Weston, regional director for Yorkshire at GMI, said: “Rialto House is a flagship scheme delivering excellence in student living while honouring the legacy of a much-loved York landmark.
“We’re delighted to have completed this project in partnership with Olympian Homes and are proud to be playing a key role in tackling the student accommodation shortfall through our growing portfolio of PBSA developments.
“I also hope this marks the start of a strong and long-lasting relationship with Olympian and we look forward to collaborating on future opportunities.”
