Investors are being given a rare opportunity to back one of the last remaining student accommodation developments next to the Aberdeen University campus in King Street.
West Coast Estates’ flagship 500 King Street scheme is designed to deliver a broad mix of prime student accommodation and will appeal to a range of students from undergraduates to international post-graduates.
The development will feature accommodation for up to 100 students, a gym, cinema, communal lounge, retail and even a secret garden. It received full planning permission in March 2017 with construction expected to be completed before the start of the 2018/2019 academic year.
Iftikar Mian, Director at West Coast Estates, said: “With the university set in Aberdeen’s old town, opportunities to develop large-scale, modern student accommodation are rare. We believe this is likely to be the last feasible opportunity and are delighted to offer this to the investor community. We believe it is excellently placed to achieve an above average rental and occupancy performance.
“Not only will students have access to state-of-the-art accommodation but they will have all the amenities they require right on their doorstep. In addition to those which are part of the scheme, the University is opposite, the sports village just a few hundred metres up the road and there is even a pub next door.”
One of the defining characteristics of the scheme will be the quality and quantity of landscaping and external amenity provided for student enjoyment. This will significantly exceed what is available within other competitive schemes within the city.
The University of Aberdeen is the fifth oldest university in the UK and is ranked 40th in the Complete University Guide. It has 12,000 full-time students. The city’s student population, which combines those from the University of Aberdeen and Robert Gordon University, account for 10% of Aberdeen’s total population. In addition, there are 7,000 students attending the North East Scotland College.
West Coast Estates is an opportunities-focused firm with a development pipeline of £25 million. It is continually assessing potential sites and works with surveyors and building firms spanning the length of Scotland.