It is the fifth project under Crosslane Student Developments’ joint venture with Harrison Street Real Estate Capital. The JV, announced in January 2018, was initially comprised of four new PBSA housing developments in Leeds, Coventry, Portsmouth and Swansea. Cardiff brings the total gross development value to approximately £180m across a combined portfolio of 1,685 beds.
Investec Structured Property Finance is providing £19.4m debt financing for the development of the new Cardiff scheme, in addition to the £59m it is already providing for the development of the Coventry, Portsmouth and Swansea schemes.
Crosslane is acting development manager for the JV to oversee construction. RGB Group has been appointed contractor for the development and Boyes Rees is the architect.
Completed is scheduled for late summer 2020, in time for the next academic year.
Crosslane Student Developments secured planning consent earlier this year. The design as based on shared cluster flats of between four and eight bedrooms.