Crosslane plans Newcastle student block

MANCHESTER developer Crosslane is to start work on a £20m student block in Newcastle.

The Victus European Student Accommodation Fund, which is associated with Crosslane, has bought land with full planning permission for a 215-studio scheme.

The plot is located on Pitt Street near Newcastle University Business School and is the first acquisition by the fund which plans to make a number of investments in Europe. It has raised £11m so far.

Crosslane is owned by James Metcalf and Michael Sharples. Another business owned by the pair, Prime Student Living, will market and manage the block which should be ready for the 2014 academic year.

Crosslane’s Andrew Jamieson said: “We are committed to taking advantage of the student accommodation opportunities available in mainland Europe and have already established CBC, our first European joint venture partnership in Germany. Ten of the top 20 university cities are in Europe and increasingly attract students from across the globe so we are working towards a presence in these locations.

“Investment in UK student accommodation has provided strong returns and in areas of low supply of specific stock, such as studios in Newcastle, this will continue to be the case.

“We can clearly see that the student accommodation market in mainland Europe is around 10-15 years behind the UK in maturity, which means there are excellent opportunities for growth.”