Student accommodation specialist Future Generation has secured a £55m development facility from Maslow Capital. The debt facility will fund the immediate construction of Luxurio in Loughborough and The Vantage in Nottingham, which between them will create 943 student beds.
Luxurio, in Loughborough town centre, will contain 458 bedrooms and has a gross development value (GDV) of £45.3m. Designed by Rio Architects with communal courtyards, roof terraces and green living walls on the outside of the building, the building ranges from three to seven storeys.
The Vantage in Traffic Street, Nottingham, will provide 485 bedrooms and has a similar GDV of £48.3m. Designed by Axis Architecture, it is arranged over 12 storeys and will be one of the city’s tallest buildings.
Future Generation, a specialist in purpose built student accommodation (PBSA), is a partnership between developer Southern Grove and Bahrain-based Tadhamon Capital.
Loughborough and Nottingham represent Future Generation’s fourth and fifth PBSA projects; it has construction under way on Guilden Park in Guildford – also with McAleer & Rushe as main contractor – and has completed Hythe Mills in Colchester and Steel City in Sheffield.
McAleer & Rushe contracts director Dominic Trainor said: “Having commenced works on Guilden Park in Guildford late last year, we are delighted to be announced as the main design and build partner on the further PBSA developments in Nottingham and Loughborough. It has been a real pleasure working with Future Generation to reach this point and we thank them for entrusting us with the safe delivery of these much needed student beds. The three significant contracts worth a total value of £100m reflect our expertise and experience in delivering state-of-the-art student accommodation built to the highest standards, and we look forward to working collaboratively with all the stakeholders involved.”
Andrew Southern, chairman of Southern Grove and Future Generation, said: “Student accommodation in the right location remains an incredibly strong, long-term proposition and we will continue to put other providers under immense pressure by raising the bar on the level of service and quality students should expect.”