Building Briefs – June 29th

  • Maven advises IPIM in acquiring Centro House in Stirling

Hong Kong-based boutique real estate investment manager IP Investment Management and UK property and private equity manager Maven Capital Partners have continued their penetration into the UK student housing sector with the acquisition of Centro House, a student accommodation property in Stirling.

Building Briefs – June 29th

Centro House, a former office building located in the heart of Stirling’s historic city centre, was originally constructed in the mid-1990s and recently underwent a full refurbishment ahead of the 2018/19 academic year.



IPIM, with Maven acting as the asset manager, have purchased the property for £9 million and will look to add significant value through active management, capitalising on both IPIM and Maven’s extensive experience in the PBSA sector where the principals have previously collectively developed, asset managed and operated 16 properties across the UK, totalling over 2,800 beds. Centro House is their eighth jointly managed PBSA scheme.

Centro House extends to approximately 42,000 sq. ft over three floors and comprises of 122 student beds, consisting of 61 cluster bedrooms, 59 studios and 2 one-bedroom flats. The property also includes flexible communal space, a laundry room, cycle store, reception area and car parking, with 16 allocated spaces.

Stirling is one of the most undersupplied markets in the UK for PBSA, with around 3,000 beds against a student population of approximately 14,000. Maven, on behalf of its clients, is now a dominant private PBSA owner in Stirling, having recently completed the development of Riverside Quay with IPIM, providing 209 bedrooms, and currently developing Carters Yard, which will provide a further 159 bedrooms and is due to open later in 2020. 

 



  • Edinburgh school fined after pupil was severely injured using band saw

A school has been fined following the incident where a pupil sustained severe cuts to his middle and index finger on his right hand and serious tendon damage, when using a band saw.

Edinburgh Sheriff Court heard that, between 1 September 2015 and 2 November 2017, in the Construction Design and Technology Workshop at Cargilfield School, Edinburgh, pupils made wooden boxes using a band saw which is classed as a dangerous machine.

An investigation by the Health and Safety Executive (HSE) found Cargilfield School failed to make a suitable and sufficient assessment of the risks arising out of or in connection with use of the band saw and failed to adequately supervise pupils while they were carrying out tasks using the band saw. The pupil was making a free hand cut on the band saw without adequate workpiece support and was not adequately supervised.



Cargilfield School of Gamekeepers Road, Edinburgh pleaded guilty to breaching Sections 3(1) of the Health and Safety at Work Act and was fined £3,350.

After the hearing, HSE inspector, Karen Moran said: “A band saw is considered a dangerous machine when used by adults, let alone children. This significant and very serious injury could have been prevented had the risk been identified and properly managed. All schools should take steps to ensure the safety of their pupils and HSE will not hesitate to take appropriate enforcement action against those that fall below the required standards.”

 

  • Formartine and Buchan Way improvements resume

Works to improve the popular Formartine and Buchan Way have resumed.



Aberdeenshire Council anticipates that the bridge improvements at South Ugie Water near Maud will be finished in early July having been half completed prior to the COVID-19 lockdown in March.

The works are being carried out by personnel from the council’s Structures Team, with 100% of the project funding being provided through the Scottish Government’s Active Travel Grant scheme.

Similar works at Chapleton, south of Ellon were completed prior to the coronavirus outbreak.

The 40-mile former rail line runs from Dyce to Fraserburgh and features a 13-mile spur from Maud to Peterhead.



A haven for walkers and cyclists, the Formartine and Buchan Way passes close to a host of popular attractions along its route including Aden Country Park, Deer Abbey, Drinnie’s Wood Observatory and several historic stone circles.


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