Broker Knight Frank has announced the sale of a UK development site with full planning consent for purpose-built student accommodation on behalf of NMJ Property Developments to Crosslane Student Developments.
Financial details were not disclosed.
The Kingsway, Swansea, Wales is the latest development to commence construction under Crosslane’s recently announced joint venture with Chicago-based student property specialist Harrison Street Real Estate Capital and is scheduled to be completed in time for the start of the 2019/2020 academic year.
The city centre site has planning consent for 307 student beds and is situated in a prime location close to the main retail and leisure offer in Swansea.
Rachel Pengilley, partner, Knight Frank Student Property, commented: 'Applications to Swansea University have grown by 60% over the past three years and in 2016, the University embarked upon an ambitious campus development programme, which included expanding the Singleton Park Campus and building a new state-of-the-art £450 mln Bay Campus. Demand for purpose-built student accommodation in the city remains high as it supports the University in its growth ambitions, whilst also freeing up more housing for local families and young professionals to rent.'
