Specialist real estate development finance provider – Maslow Capital – has announced the completion of a £20m development facility for Audley Modular Student Living’s purpose-built student accommodation (PBSA) scheme on Mayfield Road in Edinburgh. National PBSA operator – Homes for Students – will be appointed to manage the scheme.
“Maslow have proven yet again to be a formidable funding partner.”Thomas Knust, Group Finance Director, Audley Modular Student Living
The Mayfield Road brownfield redevelopment which lies adjacent to the University of Edinburgh’s Kings Building campus will boost the supply of PBSA apartments available to students attending Edinburgh’s second largest University campus, where circa 18,500 students and research postgraduates study across multiple schools.
“There continues to be a structural undersupply of PBSA in Edinburgh, with a limited pipeline, particularly in the vicinity of Kings Building campus. Maslow Capital is pleased to support Audley Modular Student Living, who are addressing this undersupply, whilst providing high specification units that are fully capable of improving their resident’s overall university experience.”Rachael Gordon, Senior Associate, Maslow Capital
The £39.7m GDVscheme on Mayfield Road, which was introduced to Maslow by Montpelier Private Finance, will consist of two buildings providing 257 high specification PBSA beds. 74% of the available units will be studio apartments, providing a comfortable living experience. Amenities include a modern gym, communal lounge, laundry facilities and cinema. Residents will also have access to 148 bike spaces in secure storage, landscaped grounds and outdoor seating to promote mental wellbeing.
“As a PBSA & PRS focused developer, it’s extremely important that we partner up with the right development funder. Maslow’s support of our modular scheme on Mayfield Road, Edinburgh demonstrates both their understanding and commitment to both modern methods of construction, as well as the student market.”Vijay Patel, Group Operations Director, Audley Modular Student Living
The design and specifications of the Mayfield Road building will include an assortment of energy efficiency measures – including LED lighting with PIR control to communal areas, an externally super insulated envelope to maximise thermal efficiency and minimise cold bridging of the modular construction, naturally ventilated accommodation spaces and point of use heating to avoid heat losses within the local system.
“Audley Modular Student Living and their team of experienced professionals were a pleasure to deal with on this transaction. We are delighted to be involved with a scheme that has such strong ESG credentials and look forward to seeing the scheme built out in time for the 2022 academic year.”Sky Mapson, Deal Origination, Maslow Capital