Olympian Homes and Housing Growth Partnership have formed an equity joint venture to deliver a £120m-GDV purpose-built student accommodation scheme in Nottingham city centre.
The Forest Mill scheme will comprise 790 beds across three buildings and provide 19 affordable homes. The jv has committed £31.5m of equity to the development.
The PBSA includes amenities such as a café & co-working space, games area, private dining, gym, yoga studio, cinema room, gaming booth and a garden terrace.
Having acquired the site in September 2021, Olympian secured planning in June 2022. Enabling works began in July 2023 and main construction will start in December 2023, with completion scheduled ahead of the 2025/26 academic year.
James Lindridge, development director at Olympian Homes, said: “The transaction is our second Olympian PBSA funding completion of 2023 and demonstrates the high level of investor confidence in the UK PBSA sector despite the turbulent macroeconomic backdrop. We have enjoyed working with HGP and believe this will be the start of a strong, long-term partnership.”
Colin Bennett, investment director at HGP, added: “Forest Mill is a bold, high-specification scheme with strong amenity that will bring economic growth to the area and create further regeneration opportunities in the city, whilst also supporting the provision of much-needed affordable homes.
“Forest Mill is landmark transaction for HGP, representing our third, and largest, equity investment in the PBSA sector to date. Having recently supported new developments in Glasgow and Dundee, we have strong appetite to grow our exposure in the sector, supporting the delivery of high-quality schemes in critically undersupplied UK university cities.”
Olympian Homes was advised by JLL Living Capital Markets and Freeths; HGP was advised by Shoosmiths.
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