Real estate developer Cassidy Group announces ambitious plans for three PBSA developments in Nottingham as part of its £500m portfolio. Located in the city centre on London Road, Arkwright Street and The Square in Beeston, the schemes total 1,084 PBSA beds and are planned for delivery in summer 2025, ready for the new academic year in September.
The Arkwright Street scheme will deliver 420 PBSA beds and 149 private rented sector (PRS) apartments in a separate block, and the London Road scheme will deliver 245 PBSA beds. Both schemes sit within five minutes of Nottingham’s central train station and tram hub and are close to the city centre.
The Square scheme – which will deliver 419 PBSA beds – forms part of the redevelopment of Beeston town centre, and is situated next to the main tram line into Nottingham and its universities.
The three schemes have a net development value of nearly £200m, with a net yield return of more than 6%, and form part of Cassidy Group’s pipeline of over 3,000 PBSA and 1,000 PRS apartments being delivered across Nottingham, Sheffield, Wolverhampton and Bradford over the next two years.
The group is now looking for partners on a forward funding or joint venture basis. To support its operations, Cassidy Group identifies and acquires land before delivering the projects to build.
“The progress of these projects is indicative of the growth in both the private rented sector and student living over the last five years.
“The three schemes have full planning permission and will be ready for delivery in summer 2025, providing more than 1,000 PBSA beds and 149 apartments in a mix of sizes and tenures.
“Nottingham is a vibrant city with a huge appetite for developments like these, particularly considering the growth in demand for student accommodation. These are good, forward funding opportunities for investors looking for a long-term secure income.
“Our team has acquired multiple UK sites to create large-scale developments in major cities from £50m to £100m in both the PRS and PBSA sectors.”Patric Cassidy, Director, Cassidy Group
Nottingham City Council estimated that there was a shortfall of 5,500 student beds in the city, as the number of students needing accommodation between 2016 and 2022 increased by approximately 30%. These three schemes will help provide much needed student accommodation to Nottingham.