Construction work on Stirling’s first purpose built student accommodation (PBSA) development is due to commence in early 2018 after a deal was struck between Maven Capital Partners (Maven) and IP Investment Management (IPIM).
Continuing its penetration into the UK student housing sector, Maven will act as the asset manager representing Hong Kong-based IPIM to deliver the £18.2 million project in conjunction with development manager Whiteburn Projects Limited and senior debt finance from Royal Bank of Scotland.
The 207-bed facility will be located on the banks of the River Fourth next to Stirling city centre and within easy commute of the out-of-town campus of the University of Stirling.
Forthside Way will become the first PBSA in Stirling, and will help address the acute shortage in accommodation for the substantial student population of circa 10,000.
The development will be set across two buildings and comprise 123 studios, 8 one-bed apartments, and 76 two and three-bed cluster flats. Residents at Forthside Way will also benefit from extensive communal facilities which include a cinema, gym, games room, laundry and several private/group study rooms.
Colin Anderson, investment director at Maven, said: “University of Stirling has strong a reputation for its sporting excellence and there is strong demand for a number of its courses, a number of which are considerably over-subscribed. Despite this, Stirling has one of the most acute shortages of student accommodation in the country.
“With no private PBSA market to speak of in the city, Maven is delighted to be working once again with IPIM to greatly enhance the quality of the accommodation provision and play its part to help the University attract and retain the best students from the UK and further afield.”
Selina Williams, investment director, IP Investment Management, said: “The acquisition of Forthside Way complements our growing portfolio of PBSA assets in strong UK university cities and we are delighted to be continuing our successful partnership with Maven in this sector. We continue to see opportunities in student accommodation in towns and cities with strong fundamentals such as Stirling.”
Iain Robertson, relationship director at Royal Bank of Scotland, added: “We are proud to support Maven and IPIM in their latest development project. The venture will provide much needed accommodation for Stirling’s large student population, offering a modern and safe environment in which to live.”
The complex is due to be open in time for the start of the 2019/20 academic year.