Crosslane Student Developments has commenced work on its fourth purpose-built student accommodation development in Newcastle, bringing its investment in the city to around £60 mln (€70 mln) across 701 beds.
'We are pleased to commence building at Albert Street, our fourth development in the city, and help to meet the strong growth in demand for this type of student accommodation in Newcastle,' commented Andy Whatson, director of Crosslane Student Developments. 'Crosslane has a successful track record of developing high quality student accommodation, working in close partnership with local planning committees to ensure we deliver schemes for the long term in a responsible and reliable manner, for the benefit of our customers and the surrounding neighbourhoods.'
The 135-bed development, which represents an investment volume of £12 mln, is being constructed in partnership with the Torsion Group, for delivery in August 2017.
The property will comprise 114 beds in cluster flats and 21 self-contained studio apartments, as well as communal facilities. Prime Student Living, the student accommodation lettings and operational management arm of the Crosslane Group, will be responsible for marketing and letting the property prior to completion.
Crosslane acquired the freehold site on Albert Street in August 2016. The property was previously a specialist car dealership and workshop.
'We continue to grow our identified pipeline of potential student accommodation investments in Newcastle and other prime university cities in the UK and Continental Europe,' concluded Whatson.
Lambert Smith Hampton advised and acted for Crosslane Student Developments during the planning process and Day Architectural Ltd are the architects.
