Cubex and JV partner, Alara Investments, have announced their first acquisition as a partnership of a brownfield site located in the Temple Quarter Enterprise zone in central Bristol.
The site is located less than a 3-minite walk from the University of Bristol’s new Temple Quarter Enterprise Campus which is due to open to 4,500 new students in 2026.
The business plan is to develop a 550-bedroom purpose-built student accommodation (PBSA) scheme, with a gross development value over £100 mln (€117 mln). Cubex are in consultation with Bristol City Council as well as other stakeholders and will be submitting planning within the coming months.
This scheme will be Cubex’s first venture into student accommodation and forms part of their strategy into the wider Living sector, which covers BTR, PBSA and Co-Living in key UK cities.
Joe Downey, managing director of Cubex commented 'PBSA has been on our radar for some time, specifically in Bristol where demand from students continues to soar vs a backdrop of limited high-quality supply. We are big believers in the micro-location, and proximity to the new UoB campus which really is a game changer for this part of Bristol. As always, we are working very closely with Bristol City Council to deliver the overall best scheme for the city.'
Jonathan McLaren of Alara said: 'This marks an exciting transition for Alara into the PBSA space. We have found a great partner in Cubex who have been excellent to work with. The scheme will deliver a best in class, sustainable development for the benefit of Bristol students. We are continuing to explore other opportunities as Property becomes a core focus for our business.'
