Savills seeks funding partner for Broadway Central PBSA

A funding partner has been sought for MRP’s Broadway Central purpose-built student accommodation (PBSA) scheme in Central Glasgow.

MRP has assigned Savills to seek a funding partner for its Broadway Central PBSA development in Glasgow | MRP | Savills | PBSA News
MRP has assigned Savills to seek a funding partner for its Broadway Central PBSA development in Glasgow.

Real estate company Savills, on behalf of MRP, has been instructed to find a forward funding partner for Broadway Central – a 432-bed PBSA opportunity on Renfield Street.

Situated on the corner between Renfield and Renfrew Street in the North Eastern part of Glasgow city centre, Broadway Central has been designed to comprise 154,139 sq ft within a 16 storey development. All the beds will be high specification studios, complemented by internal and external amenity spaces.

“Broadway Central is a unique opportunity to forward fund a 432-bed student scheme in a highly sought after and critically undersupplied market. The proposed development will be delivered by an award-winning developer to a high-quality specification, with over 5 sq m of amenity provision per bed.

“Currently there are more international students attending Universities in Glasgow than there are available beds and with over 75% of full-time students unable to access PBSA, Broadway Central represents a rare opportunity to meet this demand in the third largest student city in UK.”

Jamie Radcliffe, Associate in the Operational Capital Markets team, Savills

The scheme, which is due to start construction in June 2024 with completion in time for the 2026/27 academic year, is designed with a high regard to sustainability and will aim to achieve BREEAM Excellent.

For Broadway Central, MRP has taken a low energy approach that will increase Glasgow City Council’s energy efficiency standards by 20%. It will also exceed the renewable energy target set by the Glasgow planning policy.

Glasgow is home to five higher education institutions, including the fourth largest UK university, the University of Glasgow, which forms part of the prestigious Russell Group.