City centre set for 98-bed student accommodation development
A joint venutre has secured a funding deal for the delivery of a 98-bed student accommodation scheme on a development site in York city centre.
The project, which will have a completed development value in excess of £9m, will be located on a former 0.33-acre industrial site just off Redeness Street.
Property company Maple Grove Developments, working in partnership with Yorvale, completed a forward funding deal with iQ Student Accommodation for the site, which was acquired from York Motor Factors.
The announcement comes after planning was secured for the development in December last year.
Consent has been granted for the demolition of the existing structures on the site and the construction of a new building of four and five storeys providing purpose-built student accommodation in 20 clusters.
The project will act as an extension to the adjacent student development, which opened in September 2016. Known as The Brickworks, phase one delivered a 326-bed student development fronting Hallfield Road, which was developed by Maple Grove Developments and Eric Wright Construction, once again in a joint arrangement with Yorvale.
As part of the transaction, York Motor Factors will be provided with undercroft parking on the ground floor of the new development to support its existing depot and head office in Layerthorpe.
Karen Hirst, managing director at Maple Grove Developments, said: “The redevelopment of this site contributes to the ongoing regeneration of York’s Layerthorpe area. We have developed a good working relationship with all of the partners involved in this project and we are now focused on delivering another high-quality scheme which will help to fulfil the student housing need in the city.
“We will commence the enabling works over the next couple of months. Start on site by Eric Wright Construction is scheduled for May which will enable us to achieve practical completion by July 2020, in good time for the start of the academic year.”
Iliya Blazic, chief investment officer at iQ Student Accommodation, added: “We are delighted to be working with Maple Grove developments and Yorvale, for the expansion of our existing scheme in York – a vibrant student city which has seen demand for university places grow in recent years.
“Our offer at The Brickworks has delivered on our mission to provide high quality, well-located accommodation and a fantastic student experience to those who choose to stay with us, and we are pleased to be able to further enhance our offer with this new addition on Redeness Street.”
The project was designed by DLA Architecture which designed phase one, and the planning consultants who dealt with the planning application were Quod.
