STIRLING is expected to have its first purpose-built student accommodation in time for the new academic year in September.
Ogilvie Construction has been appointed main contractor in the £18.2 million development by Glasgow-based Maven Capital Partners in partnership with Hong Kong-based IP Investment Management. The 207-room development has been boosted by a £10.9 million funding package from the Royal Bank of Scotland.
Stirling University recently replaced 40% of its on-campus student accommodation with an investment of £40 million in modern campus halls of residence, however there is no such accommodation available to students in the city centre of Stirling, so the Riverside Quay at Forthside development is likely to be welcomed by the 14,000 students studying in the city.
Paul Johnston, investment director at Maven, said, “The University of Stirling is growing rapidly and there’s an acute shortage of student accommodation, with no private PSBA market to support its growth. High-quality accommodation is the key to attracting students and also eases the pressure on the existing housing stock, benefiting both temporary and permanent residents.”
Alongside a range of studio flats, eight one-bedroom apartments and 76 two and three-bedroom en-suite flats there will be a cinema, gym, games room, laundry room and several private and group study rooms.
Iain Robertson, relationship director at Royal Bank of Scotland added, “Maven already has a strong track record in delivering high-quality student developments across the UK, and has identified the need for purpose-built accommodation to meet the requirements of today’s students, including those with families. Maven’s developments are designed to be inclusive and create a sense of community, which will no doubt prove popular among the building’s residents.”
Selina Williams, executive director at IP Investment Management commented, “The Riverside Quay adds to our growing portfolio of PBSA assets in strong UK university cities including Birmingham, Bournemouth, Durham, Edinburgh, Exeter, Liverpool and Newcastle. We are also delighted to extend our successful partnership with Maven in this sector, and we continue to see opportunities in the PBSA sector in areas with strong fundamentals like Stirling.”