Award-winning property development and investment company MRP has announced the launch of its new purpose-built student accommodation (PBSA) scheme The Place in Nottingham.
The Place will deliver 409 units with amenities including a gym, private dining room, study, breakout spaces and a sky lounge on the roof, offering panoramic views over the city.
Construction on the 11 storey PBSA scheme began in February 2023 and is scheduled to complete next summer in time for the 2024/25 student intake in September.
“While we have extensive experience in the PBSA sector, The Place is a unique development for MRP as it is the first scheme we will develop and open ourselves. Our partners Grosvenor have been instrumental in ensuring that we are able to deliver this project, and we look forward to working closely with the team at Homes for Students on completion.
“The expertise of McAleer & Rushe as construction partner on this project has been invaluable and their experience in delivering projects of this size will ensure that we remain on course for practical completion in summer 2024.”Graham Mitchell, Development Director, MRP
Celebrating a topping out ceremony at The Place, MRP was joined by Grosvenor who provided the senior debt facility, construction firm McAleer & Rushe and Homes for Students, who have been appointed to manage the property under their luxury Prestige Student Living brand.
“We are delighted to be able to deliver MRP’s vision for The Place, bringing our expertise in the PBSA sector to the fore. Our strength lies in our specialist teams in the sector with the technical ability to not only provide exemplar city centre projects but also deliver on time and to the highest quality, which will ensure safe completion of this scheme for next summer.”Mark Diamond, Senior Director, McAleer & Rushe
Centrally located at the junction of Queens Road and London Road, The Place is ideally situated beside Nottingham railway station and is within commuting distance of the University of Nottingham and Nottingham Trent University.
“This is only the second time we have entered the PBSA sector as a debt provider. The Place offered the perfect partnership opportunity with MRP, who have an exceptional track record in developing quality student schemes across the UK.
“The Place, is centrally located in Nottingham and will be an exceptional living space for students when it completes next summer, providing a fit-for-purpose space that allows them to study and socialise in a safe and secure environment.”Oliver Ayling, Senior Investment Manager, Grosvenor Property UK
Helping to address the supply and demand imbalance in Nottingham, the new PBSA scheme will advance Nottingham City Council’s strategy of integrating students into the city centre in secure and purpose-built accommodation rather than unsuitable HMOs.