Aldermore Bank has provided a £13.1m loan for the development of a new build purpose-built student accommodation (PBSA) in Dundee.
It is a joint venture between Gylemuir Capital and Housing Growth Partnership (HGP) and is located on Brown Street in the Blackness Conservation Area of Dundee, close to both the University of Dundee and Abertay University. It will have a mix of accommodation types including six bed clusters, standard studios and deluxe studios.
The property will comprise of 163 beds, with a sky deck and gym and 248 sq m of commercial space on the ground floor.
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 added: “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.”