Aviva backs 700-bed Staffordshire University student scheme
Aviva Investors has agreed to acquire and forward fund the development of a student village at Staffordshire University.
The £100m investment will see construction partner Willmott Dixon deliver 700 beds on a brownfield site next to the University’s Stoke-on-Trent campus at its Leek Road site.
Student Village Clarice Cliff Court
A net-zero carbon in operation student hub forms part of the plans, as well as the refurbishment of 297 existing beds at Clarice Cliff Court accommodation.
Upon completion of the new development, existing accommodation at the Leek Road site will be demolished to make way for the creation of new green space on campus, which will result in a project biodiversity net gain of 12%.
The investment has been made on behalf of Aviva’s Insurance, Wealth and Retirement business, with Aviva Investors providing forward funding via a lease and leaseback structure.
All student housing buildings will target EPC A ratings, with roof-mounted photovoltaic panels expected to be installed to create on-site renewable electricity, alongside the addition of air source heat pumps in the design to minimise ongoing energy demand for hot water.
The new-build accommodation, together with the new student hub facility, is expected to be ready for the new intake of students in September 2026. The refurbished Clarice Cliff Court facilities are currently expected to be delivered in a phased programme for intakes of students in September 2024, 2025, and 2026 respectively.
Mark Wells, fund manager for real estate long income at Aviva investors, said: “We are pleased to have been chosen as preferred funder for what will be a transformative and vibrant project. Strong demand and a shortage in the supply of Purpose-Built Student Accommodation in many submarkets has increased rents for students across the country.
“With the student population expected to keep growing, it’s incredibly important that the accommodation on offer is revamped and added to where possible. Staffordshire University is known for its strong focus on Computer Science, Games Design and Film Production, all of which are exciting growth areas. We think this will position it well for growth into the future.”
Marcus Mollan, investments director at Aviva added: “It’s great to be involved with the creation of a new complex for the student population at Staffordshire University. The UK is home to great talent, and Aviva’s annuity business is proud to be helping universities like Staffordshire to get ready for the future and nurture this potential through new environments for living and learning.”
Dan Doyle, operations director at Willmott Dixon, said: “This new Student Village at Staffordshire University is a significant investment in the student experience. What’s exciting is how it has been designed to blend contemporary sustainable architecture with nature in a unique natural setting.
“We will be incorporating modern methods of construction and offsite manufacturing to ensure it is a low-carbon development. Combine this with renewable energy sources, building to Passivhaus design principles and structures that are directly inspired by the setting, the university will have a development with a strong character and identity – fostering a sense of place and community. Offering a safe, secure, and inclusive environment, students can expect a true home from home.”
