HG Living and QIP to deliver St James’ Boulevard PBSA scheme

HG Living has exchanged contracts with QIP to forward fund a PBSA scheme at St James’ Boulevard in Newcastle-upon-Tyne. 

HG Living's St James' Boulevard PBSA scheme in Newcastle | PBSA News
HG Living's St James' Boulevard PBSA scheme in Newcastle.

Property development specialist HG Living has exchanged contracts with Singapore-based Q Investment Partners (QIP) to forward fund a new purpose-built student accommodation (PBSA) scheme at St James’ Boulevard in Newcastle-upon-Tyne. 

The PBSA development will deliver 350 student beds – a mix of studio and cluster flats along with residential amenities including a gym, study rooms, cinema room and an external courtyard.

HG Construction has been appointed as the main contractor on the project with Prestige Student Living brand of Homes for Students set to be the scheme’s operator upon completion, which is expected in summer 2025.

“We are delighted to have secured our fourth deal with QIP and would like to thank them for their efforts and partnership approach in reaching this agreement. This partnership approach will extend across our supply chain with HG Construction as the main contractor, enabling us to offer enhanced management of the construction and development risk and deliver a seamless end-to-end service for our funding partners.

“This is an exciting opportunity to develop a best-in-class facility for the ever-growing student population in Newcastle. Not only is it one of the UK’s top university towns, Newcastle is also one of the most vibrant and inclusive cities for students to live in, offering a wide range of restaurants, bars, shops and facilities to enjoy.

“The sale is further evidence of the investment market returning and of the attractive investment and operational fundamentals offered by both the PBSA sector and by Newcastle as a city.”

Craig McPhail, Director, HG Living

The St James’ Boulevard site is located close to Newcastle University’s 24-acre ‘Newcastle Helix’ innovation district as well as the University’s Business School, Urban Sciences Building and INTO centre.

With two established universities in the city boasting a full-time student population in excess of 50,000, Newcastle continues to be a leading destination for higher education students.

The development of the St James’ Boulevard scheme is set to help ease the pressures of the sector-wide supply/demand imbalance in the city.

Earlier in the year, the QIP and Soilbuild joint venture formed a £200m PBSA platform.

“St James’ Boulevard, the second student scheme in the £200m build-to-core UK student housing venture between QIP and property investment group, Soilbuild, is testament to our position as a leading firm specialising in Global Residential Living. We are delighted to partner with HG Living once again, and this latest collaboration not only reinforces our unwavering commitment to the sector, but also enables QIP to leverage our established platform scale to cater effectively to the growing demand for exceptional student accommodation in the UK.”

Peter Young, CEO, QIP

Rund is also supporting HG Living with Employer’s Agent and Quantity Surveying services at St James’ Boulevard. The range of responsibilities will include monthly site visits, contractor monitoring, administering building contract terms, and cashflow monitoring and reporting.

The company’s Employer’s Agent and Quantity Surveying roles will also continue throughout the main works as part of a two-year build programme.

“It is a pleasure to work on another significant scheme with HG Living, following our provision of similar services at Build to Rent development, Bowback House.

“We have a strong track record in assisting clients in achieving successful outcomes on student accommodation schemes. Our work helps ensure every residence serves its purpose as an exceptional quality living space for students in the long-term. Our team is excited to begin work at St James’ Boulevard and, together with HG Living, help enhance Newcastle’s overall thriving student offering.”

Paul Belfield, Executive Director at Rund