Maven has acquired a site at Murieston Crescent, Edinburgh for £2.8m – for the development of a purpose-built student accommodation (PBSA) complex. The site is 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 amenities within walking distance and benefits from strong transport links.
There remains an acute shortage of PBSA for students in Edinburgh. It’s estimated that around 60% of Edinburgh’s full-time student population are unable to access either university provided or private PBSA.
“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’re 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.”Colin Anderson, Partner, Maven
Maven has taken Murieston Crescent through the full planning process with permission granted for a 120-bed PBSA development. It will include 108 studio apartments and 12 ensuite cluster flats over six floors. The development is estimated to cost £15m with a completion targeted of summer 2022.
The design team are currently reviewing a range of Covid-19 related augmentations – such as contactless entry and filtered ventilation systems to ensure the building is a safe and secure environment for its residents.
“We’re 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.”Colin Anderson, Partner, Maven
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 £25.1m in 2018. The Murieston Crescent transaction represents Maven’s 14th PBSA development, totalling over 2,000 beds.