Forsters act on development of Newcastle student accommodation scheme

Our Commercial Real Estate and Construction teams are delighted to have acted for HG Living on the forward funding of a new 350-bed student accommodation scheme by Q Investment Partners (QIP).

Situated at St James’ Boulevard, Newcastle-upon-Tyne, this new development will provide both studios and cluster flats, as well as a range of amenities such as a gym, an outdoor courtyard, study rooms and a cinema room.

Newcastle boasts a student community of more than 50,000 and continues to be a popular destination for new students. This new development, located in a vibrant urban district and found between four different university buildings, will play an important role in catering to the increasing demand for student accommodation from both domestic and international markets.

Commercial Real Estate Partner and Head of Forsters’ Student Accommodation Group, Ronan Ledwidge, said: “The paradox of strong fundamentals and viability challenges is a much discussed topic amongst those involved in the PBSA sector and this transaction is a great example of two parties working together to make it happen.”

HG Living Director Craig McPhail said: “This is an exciting opportunity to develop a best-in-class facility for the ever-growing student population in Newcastle. Not only is it one of the UK’s top university towns, Newcastle is also one of the most vibrant and inclusive cities for students to live in, offering a wide range of restaurants, bars, shops and facilities to enjoy. The sale is further evidence of the investment market returning and of the attractive investment and operational fundamentals offered by both the PBSA sector and by Newcastle as a city.”