Crucible Developments’ newly completed purpose-built student accommodation (PBSA) in Dundee has been put on the market for almost £9m.
The 55-bedroom Greenmarket Studios PBSA development on South Marketgait has been finished in time for the 2025/26 academic year. The scheme includes a communal lounge, a dedicated study area, and stunning sea views from select rooms.
Graham + Sibbald is marketing the property on behalf of Crucible Developments for £8.716m, with offers being invited. It is projected that the development will have more than £500,000 in rental income in its first year of operation. That includes Pret A Manger’s annual lease of £55,000 a year, rising to £70,000 by the fourth year.
“Greenmarket Studios marks the completion of Crucible Development’s regeneration of the once derelict former Dundee goods yard.
“Having previously developed, completed and sold Greenmarket BT, the sale of the student element comes at the logical time to do so and is in line with their long-term exit strategy as a property developer.
“The development will provide a best-in-class specification for a student scheme in Dundee, with the price being in line with comparable PBSA (purpose-built student accommodation) buildings of this quality.”
Peter Fleming, Director, Graham + Sibbald
Students can stay connected with lightning-fast wifi speeds of up to 250mbps and state-of-the-art CCTV surveillance system, which provides round-the-clock monitoring of the premises. Residents at Greenmarket Studios also benefit from being a 13-minute walk from Abertay University, and ten minutes from Dundee University.
Greenmarket Studios forms part of a wider development that included the construction of the new BT offices, which staff moved into in December.
“Both universities have a supply of 2,500 beds in the city, yet there should be provision for 6,000 beds in the city.
“This highlights that the city is in need of more beds.
“However, challenges to the pipeline due to construction costs and inflation (are) resulting in it being difficult to meet demands at this time.
“Including Greenmarket Studios, there (have) been only three schemes delivered in the last 15 years.”
Sales Brochure, Greemmarket Studios, Crucible Developments
Crucible Developments claims Dundee’s student population is still underserved by existing accommodation.
