Forward funding secured for 1,200-bed PBSA
iQ Student Accommodation has revealed it will forward fund the development of a 1,209-bed student scheme near the University of Warwick.
The two-phase development will be spearheaded through a partnership between iQ with Topland Vintage Group and McLaren Property, with the first phase expected to complete in 2025 and the second phase following in 2026.
Planning consent for the site, which was previously owned by Barclays Bank, was approved in December 2022 and construction is due to start at the end of this year.
With 10x as many students as private beds at The University of Warwick, the JV is aiming to reduce this undersupply and is set to create 1,078 PBSA beds, 131 co-living beds and 6,000 sq ft of retail space. iQ says “best-in-class amenities” will be provided for residents including study lounges, game lounges, a TV lounge, private dining rooms, a gym and yoga studio.
Matt Merrick, CEO of iQ Student Accommodation, said: “This acquisition represents the next step in our growth story, as we continue to expand our portfolio in the UK’s most successful university locations – where student demand is highest.
“This outstanding development, which is ideally located for University of Warwick students, will bring iQ’s offer of high-quality, well-located accommodation, as well as its focus on delivering an outstanding living experience to more students.”
Sol Zakay, CEO of Topland Vintage group said: “We have owned this site since 2013 which was fully occupied by Barclays Bank Plc.
“Following their departure we recognised the opportunity to create value by obtaining a planning consent for 1,209 student beds and we are delighted to bring the vision to fruition with iQ and McLaren”.
Bruce Ruddle, development director of McLaren Property “McLaren are delighted to have brought this scheme forward with Topland. The forward funding represents an excellent opportunity for McLaren to continue to develop relationships with iQ.
“This development will represent the largest privately owned PBSA scheme in the vicinity of the University Warwick. We look forward to starting on site later in the year and delivering Phase 1 for 2025 and Phase 2 for 2026.”