Member Article

Investors unveil 400 bed Newcastle student accommodation

Student accommodation investors Victus have unveiled their latest Newcastle accommodation scheme that will deliver over space for over 400 students by 2015.

A “topping out” ceremony was held this week to mark the final stages of construction of the St James’ Point development.

Situated directly opposite Newcastle University Business School, St James’ Point is within walking distance to Newcastle University, Northumbria University and Newcastle College and just a few minutes away from an array of shops, bars and restaurants.

Victus director, Gunther Gommes, said: “St James’ Point represents a major step forward for education in Newcastle and was the fund’s first acquisition in this sector.

“Until recently, purpose-built student accommodation was available to only around a quarter of the city’s almost 40,000 students. When the building is completed in September, 215 students will be calling it home.”

Victus purchased the land for St James’ Point in March 2013 complete with planning permission for the 215-studio scheme.

An additional site directly connected to the existing one was acquired in October 2013, with planning permission for an additional 203 beds. Both sites will be directly connected.

The St James’ Point building is managed by Prime Student Living, part of the Crosslane group of companies. Crosslane was founded in 2007 and now employs a team of over 140 specialists across the property and financial services markets.

Crosslane’s founder, James Metcalf, explained the rationale behind investing in student accommodation projects: “There are many high-yield investment opportunities in student accommodation, both in the UK and across mainland Europe, where student accommodation levels are around 15 years behind those in the UK.

“Our investment is providing strong returns in areas where additional accommodation is needed, such as here in Newcastle.”

Andy Whatson, director of Buile, the specialist developer of St James’ Point, added: “The building offers 215 contemporary studios appointed to a superior quality, ranging in size from 18 sq m to 28 sq m.”

Andrew Constantine, Shepherd Construction’s regional managing director, said: “We are proud to have been awarded this contract and to play such a significant role in delivering this landmark student accommodationproject.

“This topping out ceremony represents an important milestone on the road to creating unique and practical spaces for the students of Newcastle and it certainly is a very exciting time for us all.”

This was posted in Bdaily's Members' News section by Tom Keighley .