£150m funding deal to deliver more than 900 student beds across two cities
Olympian Homes has completed a £150m funding agreement with investor Cain International for delivery of 935 beds across two purpose-built student accommodation (PBSA) assets in Leeds and York.
Cirrus Point in Leeds will comprise 660 beds over 255,000 sq ft.
The 45-storey development will be the tallest building in Leeds and the tallest sole use PBSA building in the world at 191m.
Students will have access to amenities including a gym, yoga studio, cinema, games room, co-working, group dining facilities and roof terrace.
Olympian acquired the site in 2021 and has been working on plans for delivery since. The scheme will complement the adjacent 37 storey Altus House which Olympian delivered in 2021.
RG Construction has been awarded the construction contract and is due to start on site in August 2023, with completion for the 2026/27 academic year.
Rialto House on Fishergate, in York, will include 275 student bedrooms over 80,000 sq ft. It replaces a former Mecca bingo hall, which is now demolished.
Amenity provision will include a gym, yoga studio, cinema, games room, co-working, group dining facilities and landscaped courtyards.
GMI Construction has been awarded the construction contract and is due to start on site in August 2023 with completion for the 2025 academic year.
Olympian Homes says the forward funding deal demonstrates the PBSA sector’s resilience during a tough economic climate.
James Lindridge, COO & development director at Olympian Homes said: “We are excited about delivering these high-quality assets in partnership with Cain International, RG construction & GMI Construction in an environment of strong economic headwinds.
“Olympian has a strong pipeline of opportunities, and this marks the delivery phase for two assets on our land book and a new partnership with Cain International.”
Mark Slatter chairman of Olympian, said: “This is truly a great piece of teamwork between York and Leeds City Councils, Olympian Homes and Cain International to deliver the funding for these landmark developments in very difficult property funding circumstances and would like to thank everyone involved.”