Officials stated that they have started working on the new brand-new purpose-built student accommodation within Dundee. The development site, which was previously occupied by a hessian fabric factory, is located between Brown Street and Douglas Street.
As the primary position in the city centre has been vacant for a few years, the University of Dundee decided to build its accommodation facility within these premises.
Officials have granted permission for the development of 152 studio flats, including modern and high-quality amenities. The project will be constructed by the 2024/25 academic year.
The property will also consist of a cinema room, a common room, a gym, laundry, and a dining room. In addition, the top floor will also have a party-covered terrace.
One of the most popular property investment firms, Glenmore Group and a bank facility from the Puma Property Finance, will partially fund the GBP 19 million development project. In addition, Maven Capital Partners, a private equity firm, will also act as an asset manager for the project.
Maven has an extensive amount of experience within the PBSA sector. The company has managed and operated numerous properties for universities in Edinburgh, Glasgow, Liverpool, Durham, and Birmingham.
Dundee Student Accommodation Project
Maven also developed a project in 2015 known as the Marketgait Apartments in Dundee. This project was sold out within its second operational year at 100% occupancy. It provided the developers with a return of 2.37 times multiple.
Dundee is one of the most popular universities in the UK and has one of the highest student ratios in the UK. Dundee has over 17,000 students, and the number has increased by 22% over the last few years.
As a result, the availability of high-quality accommodation has decreased. So, the official took the initiative to build this enormous student accommodation project.
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