Commences construction on purpose-built 307-bed student accommodation development at The Kingsway in Swansea, with a gross development value of c.£25.4 million
Crosslane Student Developments, part of the Crosslane Property Group, announces that construction has commenced on a new high quality purpose-built student accommodation development at The Kingsway, Swansea, with an expected gross development value of approximately £25.4 million. The project will provide accommodation for 307 students, consisting of 26 self-contained studio apartments and 281 en-suite cluster bedrooms and is scheduled to be completed in time for the start of the 2019/2020 academic year.
The Kingsway, Swansea, is the latest development to commence construction under the Crosslane Property Group’s recently announced joint venture with Harrison Street Real Estate Capital LLC (“Harrison Street”), one of the largest real estate investment firms dedicated to the Education, Healthcare and Storage sectors. The Joint Venture will see the development of four new purpose-built student housing developments in Coventry, Leeds, Portsmouth and Swansea with a combined 1,294 beds and a total gross development value of £125 million. Investec Structured Property Finance is providing debt financing for three of the development assets (Coventry, Portsmouth and Swansea).
The new purpose-built development will include a six-storey building, rising to 14-storeys in one corner, and will feature a private landscaped courtyard and significant dedicated communal areas to encourage collaborative working and socialising. The ground floor will have a reception and site management area for student residents and a retail unit fronting onto The Kingsway, as part of the Council’s intention to re-develop this main thoroughfare in Swansea.
The site is located north-west of the city centre close to Swansea’s main shopping area and many amenities. The main bus station is a short walk away, with public transport connections to both the University of Swansea and the University of Wales Trinity Saint David. The building will have a substantial bicycle storage facility to encourage students to use bikes to travel to university.
Applications to Swansea University have grown by 60% over the past three years. Over the past two years, the University has embarked upon an ambitious campus development programme, having expanded the Singleton Park Campus and built a spectacular new state-of-the-art £450 million Bay Campus. The development at The Kingsway will go some way towards satisfying student demand for purpose-built accommodation, as well as supporting the university in its growth ambitions, whilst also freeing up more housing for local families and young professionals to rent.
Prime Student Living, the student accommodation lettings and operational management arm of the Crosslane Property Group, will be responsible for achieving full occupancy prior to practical completion and will continue to manage the building thereafter.
Crosslane Student Developments has appointed Create Construction as its contractor partner for The Kingsway development. Create has extensive experience in delivering student accommodation projects, having recently completed Crosslane Student Developments’ 437-bed student accommodation property in Sheffield. Architect Maith Design has been selected to oversee the design of the development.
Lisa Timberlake, Development Manager, Crosslane Student Developments, said:
“Crosslane is pleased to have started construction on this exciting student accommodation development in Swansea in conjunction with Harrison Street, one of the global leaders in student housing. The site is in the north-west of the city centre, in close proximity to the city’s main shopping area and many amenities. The main bus station is a short walk away, with public transport connections to both the University of Swansea’s main campus and the University of Wales’ Trinity Saint David’s campuses. By providing 307 beds, the development will go a long way towards easing the demand for student accommodation in one of the UK’s premier student destinations.”
Adrian Tottey, Managing Director, Create Construction, said:
“This is our second contract for Crosslane Student Developments. It is great to carry on the success the combined team achieved at Brass Founders, Sheffield, into another exciting development. Crosslane is a key player in the student sector, which is testament to our high-quality service and delivery capability.”