Aldermore Bank has provided a £13.1m loan for a new purpose-built student accommodation (PBSA) development in Dundee, Scotland. This development is a joint venture between Gylemuir Capital and Housing Growth Partnership (HGP).
The property will comprise 163 beds and it will have a good mix of accommodation types including six-bed clusters, standard studios and deluxe studios.
“We’re delighted to be working with Tim and Maarten at Gylemuir Capital and the team at HGP to support the delivery of this exciting development, which will see it provide PBSA for an area with a growing student population and where there has been an historic undersupply.
“The Gylemuir Capital team have great experience in developing student accommodation and we’re delighted to be able to work with them, pulling on their expertise in the field, along with HGP to deliver the finance they needed and help meet the growing demand for student accommodation in the area.”
David Whitehouse, Property Development Manager, Aldermore
The scheme will include a sky deck, gym and 248 sqm of commercial space on the ground floor. The development also has a sedum roof to improve energy efficiency, air source heat pumps and photovoltaic panels to convert sunlight into electricity.
“We are extremely thankful for the support of Aldermore and HGP to help us deliver this project in an area where more PBSA is needed – it’ll be fantastic to see this property complete.”
Tim Goddard, Gylemuir Capital
The Aldermore part-funded development is conveniently located on Brown Street in the Blackness Conservation Area of Dundee, close to both the University of Dundee and Abertay University.
Gylemuir Capital was set up specifically for the development of PBSA schemes across the UK.
“We are very pleased to support the delivery of this PBSA scheme at Brown Street, Dundee. We have built a strong partnership with Aldermore and the team at Gylemuir Capital and look forward to working with them in bringing forward this scheme and future opportunities. We have strong appetite to grow our exposure in the sector, supporting the delivery of high-quality schemes in critically undersupplied UK university cities.”
Colin Bennett, Investment Director, HGP
