Transaction Type:
Joint venture development with a third party
Investment Category:
Equity
Key Risks:
Planning, Occupier Market, Investment Market
Value Add:
- Detailed planning consent granted for 301-bed student accommodation scheme;
- Development of the project;
- Agreement to Lease (Nominations Agreement) with Higher Education Facility
- Exit to long-term investor
Acquired:
2016
Status:
Realised in Dec 2017, significantly ahead of Business Plan
The site was acquired on a subject-to-planning basis. It is located within 50m of one of Scotland’s premier educational facilities, and is therefore ideally positioned for their students. On acquisition, the site housed a 1930s brick-built storage unit that was being used for car parking on a short term license. Planning consent for 301 student beds was achieved in March 2017 and an Agreement to Lease signed with the university occupier shortly afterwards.
The realised business plan created the blueprint for an institutional-grade asset with a long term income profile.
