Crosslane Student Developments, part of the Crosslane Group, has secured conditional planning consent for the redevelopment of a site in Portsmouth into a purpose-built 256 bed student accommodation property with a development value of £32 mln (€38 mln).
Completion of the scheme is due in time for the 2019/2020 academic year. Prime Student Living, the student accommodation lettings and operational management arm of Crosslane, will be responsible for preletting prior to practical completion.
'Stanhope House, Portsmouth is Crosslane’s first student accommodation property in this thriving student city and the development is situated right in the heart of the city centre and close to the University of Portsmouth,' commented Lisa Timberlake, development manager, Crosslane. 'Crosslane continues to identify and evaluate potential opportunities to further grow our successful student accommodation business in the city and other locations in the UK and throughout Europe.'
The site is located in Portsmouth city centre, five minutes’ walk to the main university buildings and central shopping district. The current building, Stanhope House, at 91-95 Commercial Road, is a 1950s office block with a bank on the ground floor. It will make way for a 19 storey property comprising 128 studios and 128 en-suite cluster flats, plus communal areas. Retail space will be located on the ground floor.
Crosslane has appointed Stride Treglown as the main architects for the scheme.
The vendor is The Pineapple Corporation.
