Joint venture partners Gylemuir Capital and Housing Growth Partnership (HGP) have secured a £13.1m loan from Aldermore Bank for a new purpose-built student accommodation (PBSA) scheme in Dundee.
The property will comprise 163 beds and feature a sky deck, gym and 248 sq m of commercial space on the ground floor.
The development, which is located on Brown Street in the Blackness Conservation Area of Dundee, will offer a mix of accommodation types including six- bed clusters, standard studios and deluxe studios.
David Whitehouse, property development manager at Aldermore, said: “We’re delighted to be working with Tim and Maarten at Gylemuir Capital and the team at HGP to support the delivery of this exciting development, which will see it provide PBSA for an area with a growing student population and where there has been an historic undersupply.
“The Gylemuir Capital team have great experience in developing student accommodation and we’re delighted to be able to work with them, pulling on their expertise in the field, along with HGP to deliver the finance they needed and help meet the growing demand for student accommodation in the area.”
Tim Goddard, of Gylemuir Capital, added: “We are extremely thankful for the support of Aldermore and HGP to help us deliver this project in an area where more PBSA is needed – it’ll be fantastic to see this property complete.”
Colin Bennett, investment director at HGP, said: “We are very pleased to support the delivery of this PBSA scheme at Brown Street, Dundee. We have built a strong partnership with Aldermore and the team at Gylemuir Capital and look forward to working with them in bringing forward this scheme and future opportunities. We have strong appetite to grow our exposure in the sector, supporting the delivery of high-quality schemes in critically undersupplied UK university cities.”
