Start of construction by McAleer & Rushe follows specialist developer Future Generation securing a £62m development loan from Maslow Capital – Future Generation’s largest debt facility to date, for its largest ever scheme.
The six-storey, 533-bed Guilden Park project already has planning permission and is set for completion in time for the start of the 2021 academic year. Most of the scheme (84%) will be made up of shared apartments, while the remaining 16% will be studios.
Future Generation is a joint venture between developer Southern Grove and Tadhamon Capital. Guilden Park is the company’s third PBSA scheme to enter construction. Similar projects in Sheffield and Colchester, that were also supported by Maslow Capital, are under development and due to complete imminently, for the start of the forthcoming 2019/20 academic year.
Guilden Park architect DMWR has incorporated ground-floor courtyards, a gym and a Sky Lounge with a roof terrace. Future Generation partners with Samsung for air-conditioning, WiFi and TVs in every room as standard.
Andrew Southern, chairman of Southern Grove and Future Generation, said: “Students flock to PBSA schemes because the quality they offer is so superior to that provided historically by private sector landlords. We chose Guildford because purpose-built student accommodation isn’t something this area has really seen yet on any meaningful scale. The demand is there and we are going to be heavily disrupting that market.”