Aldermore Bank has provided a £13.1m loan for the development of a new build purpose-built student accommodation (PBSA) in Dundee. This development is a joint venture between Gylemuir Capital and Housing Growth Partnership (HGP).
The property will comprise of 163 beds, with a sky deck and gym and 248 sq m of commercial space on the ground floor. The development also has a sedum roof to improve energy efficiency, air source heat pumps and photovoltaic panels to convert sunlight into electricity.
The development is conveniently located on Brown Street in the Blackness Conservation Area of Dundee, close to both the University of Dundee and Abertay University, and will have a good mix of accommodation types including six bed clusters, standard studios and deluxe studios.
Gylemuir Capital was set up specifically for the development of PBSA schemes across the UK.
David Whitehouse, property development manager at Aldermore, said: “We’re delighted to be working with Tim and Maarten at Gylemuir Capital and the team at HGP to support the delivery of this exciting development, which will see it provide PBSA for an area with a growing student population and where there has been an historic undersupply.
“The Gylemuir Capital team have great experience in developing student accommodation and we’re delighted to be able to work with them, pulling on their expertise in the field, along with HGP to deliver the finance they needed and help meet the growing demand for student accommodation in the area.”
Tim Goddard of Gylemuir Capital said: “We are extremely thankful for the support of Aldermore and HGP to help us deliver this project in an area where more PBSA is needed – it’ll be fantastic to see this property complete.”
Colin Bennett, Investment Director, HGP, said: “We are very pleased to support the delivery of this PBSA scheme at Brown Street, Dundee. We have built a strong partnership with Aldermore and the team at Gylemuir Capital and look forward to working with them in bringing forward this scheme and future opportunities. We have strong appetite to grow our exposure in the sector, supporting the delivery of high-quality schemes in critically undersupplied UK university cities.”
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