Singapore forward-funding deal triggers York start
Contractor GMI has begun work on developer S Harrison’s 300-bedroom student accommodation scheme following the arrangement with Q Investment Partners.
The project, a mix of cluster apartments and 108 studios will be spread across a three to five-storey development on James Street.
Planning permission was secured for the scheme by S Harrison last year, and the York firm is now working with QIP and a wider development team to deliver the project in time for the 2025 student intake.
The development will then be operated by the Prestige Student Living brand of Homes for Students.
GMI Construction Group is targeting completion in spring 2025.
Andrew Hurcomb, GMI’s divisional managing director for Yorkshire, said: “GMI has a strong track record of delivering student accommodation across the North of England and the Midlands.
“The James Street development is in an ideal location given its within walking distance of two universities and will help York confirm its position as a top study destination by expanding the range of quality facilities available for students.”
Peter Young, chief executive and co-founder of QIP, said that purpose-built student accommodation is increasingly attractive to institutional investors.
He said: “James Street is one of the student schemes that is part of a £200m build-to-core UK student housing venture between QIP and property investment group, Soilbuild.
“This expansion complements our existing stabilised portfolio, in partnership with Ares, that encompasses 1,000 bedrooms across the UK’s leading student cities. This latest partnership reaffirms our unwavering commitment to the sector and allows QIP to leverage our existing platform scale to meet the rising demand for high-quality student accommodation in the UK.”
QIP is a private equity real estate firm that specialises in the global residential living sector. The company invests in the UK, US and Japan, by investing in PBSA, multi-family and co-living rental buildings, build-to-rent and care homes.
Martyn Harrison, chairman of S Harrison, said: “We have strong relationships with many leading PBSA and institutional investors, both in the UK and globally, and we’re very pleased to agree our first deal with QIP.
“High quality PBSA is in real demand in York, especially for schemes like this one, which is so close to both the University of York and York St John University. When this is combined with our local knowledge and QIP’s experience in the sector, there’s no doubt this development will prove to be very popular with the city’s student population.”
The scheme has been designed by York-based CSP Architects with an A-shaped footprint. It includes a large external central communal area, and also offers study space, a games room, cinema, gym and laundry facilities.
The site is planned as mostly car-free, with a large cycle store forming part of the scheme. A south-facing pocket park is included on the site, which has more than 2,000 sq ft of green space in total.