HUB and Bridges Fund Management have formed a joint venture with HGP to deliver a purpose-built student accommodation (PBSA) scheme in Leith, Edinburgh.
The JV will bring forward and facilitate the operations of the 604-bed Shore Station project, with BGO providing a circa £79m development loan.
McAleer & Rushe has been appointed to begin the next stage of construction following the completion of enabling works, with final completion scheduled in time for the 2027/28 academic year.
Designed by Michael Laird Architects, the project will transform a former gasworks and naval yard into the largest single-site student-living scheme in Edinburgh.
The scheme will re-use and repurpose three of the existing historic buildings on site saving 3,260 tonnes of carbon in the process.
The on-site amenity provision will include study rooms and collaboration spaces, a lounge, relaxation room, courtyards, a herb garden, cinema, gym and abundant cycle storage spaces.
Damien Sharkey, managing director of HUB, said: “Edinburgh stands out as one of the top student cities globally and there is a significant demand for additional housing for its student population, especially of the high standard that this project promises. HGP’s expertise and strategic vision perfectly complement our track record of creating excellent sustainable living spaces in well-connected areas, so we are proud to be partners on this unique project that builds on the fascinating history of Edinburgh’s coolest quarter.”
Simon Ringer, head of Bridges Property Funds, added: “Across the UK, there’s a significant under-supply of purpose-built student accommodation. In Edinburgh alone, there are more than three students for every available bed. As such, there is a pressing need for high-quality schemes like Shore Station. As with every Bridges and HUB development, we will be targeting the highest possible sustainability standards, while also supporting the wellbeing on residents through well-designed amenities and green spaces. We’re excited to see Shore Station come to life over the next couple of years.”
Colin Bennett, investment director at HGP, the Lloyds-backed equity investor in the UK Living sector, said: “We are delighted to continue our support of the UK Living sector through our first joint venture with HUB and Bridges. The JV will deliver an iconic and sustainable scheme for Edinburgh’s student population, in what is a critically undersupplied market. We are excited to be working with our new partners. Their focus on heritage, sustainability and social impact aligns with HGP’s ethos, and we look forward to collaborating on such a prominent development.”
Jim Blakemore, managing partner and global head of debt at BGO, added: “BGO are delighted to be the financing partner of such a high-calibre project and team. It aligns with our strategy of supporting best in class developments in prime locations that have a strong sustainability angle.”
