York-based developer S Harrison has struck a forward funding deal with Singapore’s Q Investment Partners to develop two purpose-built student accommodation schemes in Edinburgh.
The total forward funding deal for the two properties is worth £33m.
S Harrison secured planning permission in late 2022 for the schemes, one located on East Newington Place and the other in Canongate, just behind the Royal Mile. The developments will provide 141 studio rooms in total, along with amenity space.
The deal is S Harrison’s second transaction with QIP, with the company also forward funding one of the developer’s York PBSA schemes, which is under construction. When the development completes next year, it will provide 303-bedrooms in a three to five-storey development on James Street.
In Canongate, S Harrison has secured planning permission for the partial demolition of existing buildings and the delivery of 76 studio rooms.
At East Newington Place, a disused commercial space has been demolished to make way for a four-storey property with 65 studio rooms. Construction will start in the coming months.
Both developments will also feature separate study rooms, multimedia rooms, gyms, break-out spaces, cycle storage and open courtyards.
David Clancy, director at S Harrison, said: “Both schemes are very well-designed and in highly sought-after locations really close to the university, which will make them extremely popular with students.”
Peter Young, chief executive and co-founder of QIP, said: “This latest venture marks our ongoing strategic collaboration with S Harrison, our second partnership with them, underscoring QIP’s unwavering dedication to the UK PBSA sector.
“Leveraging our fully-integrated platform, we are able to meet the rising demands for top-tier student accommodation, and our partnership with S Harrison highlights our commitment to delivering exceptional projects that align with the evolving needs of the market. We look forward to exploring more opportunities together.”
The latest schemes mean QIP’s UK portfolio consists of 11 assets, including four in the Edinburgh PBSA market. It is aiming to deliver around 2,000 rooms in prime university cities.
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