Murieston Crescent student accommodation Edinburgh, Flats, Property, Residential
Murieston Crescent Edinburgh student accommodation
27 July 2020
Murieston Crescent student accommodation in Edinburgh
Maven acquires site in Edinburgh to develop new purpose built student accommodation
£15 million development will be completed by summer 2022
Maven Capital Partners, a leading UK property and private equity manager, has purchased a site at Murieston Crescent, Edinburgh, for the development of a purpose built student accommodation (PBSA) complex.
The site, which was acquired for £2.8 million, is situated in a prime location close to Haymarket in Edinburgh’s West End, and strategically placed for Heriot-Watt, Napier and Edinburgh universities. Situated only 1.1 miles from Princes Street, Murieston Crescent has all amenities within walking distance and benefits from strong transport links.
Maven has taken Murieston Crescent through the full planning process with permission now granted for a 120-bed PBSA development, comprising of 108 studio apartments and 12 ensuite cluster flats over six floors. The development is estimated to cost £15 million with a practical completion targeted for summer 2022.
There remains an acute shortage of purpose built accommodation for students in Edinburgh. It is estimated that around 60% of Edinburgh’s full-time student population are unable to access either university provided or private purpose built student accommodation.
Maven has extensive experience in the PBSA sector where it has developed, asset managed and operated properties across the UK, including Glasgow, Dundee, Durham, Liverpool and Birmingham. It was also the asset manager for Mill Hill, a 257-bed student accommodation complex on Gorgie Road, Edinburgh, which was sold for £25.1 million in 2018. The Murieston Crescent transaction represents Maven’s 14th PBSA development, totalling over 2,000 beds.
Colin Anderson, Partner at Maven, said: “The PBSA sector has a history of low volatility and, despite the wider macro-economic issues which have resulted from the COVID-19 crisis, we are continuing to see strong student sentiment to continue their education with an increase in applications this year to UK universities and colleges according to UCAS data. We are confident that any uncertainties around academic start dates will only have a short-term impact while markets normalise and, once global travel restrictions lift, we will once again see the UK, and in particular Edinburgh, as one of the world’s most popular hotspots for overseas students.”
“Our design team is currently reviewing various Covid related augmentations such as contactless entry and filtered ventilation systems to ensure the building is a safe and secure environment for its residents.”
Will Scarlett of Scarlett Land and Development, who acted for the Seller, commented: “SLD are delighted to have completed this transaction on behalf of The Route Finance which has required patience and tenacity by both parties. This is one of several PBSA deals brokered by SLD at the current time that demonstrate that the Edinburgh market remains solid for the right site in the right location”.
About Maven Capital Partners UK LLP
Maven Capital Partners UK LLP (Maven) is an independent property and private equity manager, with over £660 million funds under management and available to invest. Headquartered in Glasgow, and with offices across the UK, Maven has a track record in the hotel, student accommodation and office space sectors, sourcing and structuring transactions with a gross development value of up to £30m. With a hands-on proactive portfolio management approach, Maven works closely with property developers to add value and maximise investor returns and also provides a fully integrated back-office support function to client and third party fund managers. The Maven property team has significant experience of the PBSA sector having undertaken 14 developments to date across the UK, totalling over 2,000 beds.
Murieston Crescent student accommodation images / information received 270720
Liberton Brae Townhouses
Design: LBA Architects
image courtesy of architects
Liberton Brae Townhouses
3-8 St Andrew Square
Design: CDA and Gareth Hoskins Architects
photo © Adrian Welch
St Andrew Square Building
St James Quarter Edinburgh
image of the development
St James Quarter
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Website: Edinburgh Lothian