Property developer Olympian Homes and real estate investment firm Cain International have recently announced that it has shook hands on a c.£150m funding agreement which will deliver two PBSA schemes in two key university cities within the UK.
The first scheme – Cirrus Point in Leeds – will include 660 beds over 255,000 sq ft. The 45-storey development will be the tallest building in Leeds and the tallest PBSA only building in the world, standing at 191m.
Students will enjoy stunning views across Leeds and amenities include a gym, yoga studio, cinema, games room, co-working spaces, group dining facilities and roof terrace.
Olympian Homes acquired the Cirrus Point site in 2021 and have been working on plans for delivery since. RG Construction were awarded the construction contract and work began in August this year. Completion of the scheme is set for the 2026 academic year.
The second scheme – Rialto House in York – will include 275 student bedrooms over 80,000 sq ft. Amenities will include a gym, yoga studio, cinema, games room, co-working, group dining facilities and landscaped courtyards. The development is located within a ten-minute walk of the city centre and a seven-minute bus ride from the University of York.
GMI Construction were also awarded the construction contract and work started on site in August this year, with completion for set for the 2025 academic year.
Olympian Homes has expressed that it is thankful for the proactive nature of Leeds City Council and York City Council in sharing its vision and addressing the major supply/demand imbalance of PBSA within these cities.
The deal highlights the confidence in bringing forward major investment into the PBSA sector, demonstrating its resilience during a challenging economic climate.