Crucible Developments secures funding for Dundee student accommodation

Crucible Developments secures funding for Dundee student accommodation

A computer model of the planned building

Scottish property firm Crucible Developments has revealed plans to tackle Dundee’s student accommodation deficit as it expands its property development portfolio with backing from the Bank of Scotland.

Operating from its HQ in Ayr since 2016, Crucible Developments has been working on commercial and residential projects across Scotland and the North of England.

In 2022, the developer purchased a 75,000 sq ft site at the intersection of Dundee’s Nethergate and West Marketgait. Recognising the acute shortage of student housing in Dundee, Crucible decided to allocate 700 sq m of the space for private, high-quality student accommodation. The initial £3 million for the project was internally sourced, with a subsequent £4.1m development loan secured from Bank of Scotland to facilitate construction completion, which is scheduled for December 2023.

The property’s location near the University of Dundee and Abertay University will be a boon for the student population. It is set to provide 55 en-suite, studio-style rooms, bike storage, communal kitchen amenities, and also house two retail outlets.

Brian Robinson, director at Crucible Developments, said: “The student housing shortage in Dundee has reached a critical point and we are very pleased to be able to play a part in solving this issue. When students left their accommodation during the Covid-19 pandemic, many landlords who would normally rent to students turned to longer-term letting, leaving a housing shortage when students returned to the city.

“We pride ourselves on developing first-class projects and this is no different. Working with Bank of Scotland has enabled us to ensure that we can continue on this trajectory and bring housing to those who need it as quickly as possible.”

Grant Fraser, relationship director at Bank of Scotland, echoed: “Dundee has reached an unprecedented student housing demand, with rental room prices soaring 33% within the last year. This is an issue that needs urgent attention, so we are proud to be supporting Crucible Developments in their latest project that will bring much needed relief to a strained housing system.

“The rooms will offer a first-class option for students and will drive footfall in the area. We’re looking forward to hopefully continuing to support the business as it grows its portfolio across Scotland.”

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