Development site sold for purpose-built student flats

KNIGHT Frank’s student property team has sold a development site with full planning consent for purpose-built student accommodation in Swansea, on behalf of NMJ Property Developments to Crosslane Student Developments.

The Kingsway scheme is the latest development to begin construction under Crosslane’s recently announced joint venture with Harrison Street Real Estate Capital (Harrison Street), one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors. It is scheduled to be completed in time for the start of the 2019/2020 academic year.

The city centre site has planning consent for 307 student beds and is situated in a prime location close to the main retail and leisure offer in Swansea.

The consented scheme comprises 281 en-suite bedrooms arranged in cluster flats and 26 individual studios.

The site is one of a number that have received planning consent in recent months for development into student accommodation within the city, reflecting the need in Swansea for more purpose-built accommodation to satisfy the growing student population.

Rachel Pengilley, partner in Knight Frank’s student property, said: “Applications to Swansea University have grown by 60% over the past three years and in 2016, the university embarked upon an ambitious campus development programme, which included expanding the Singleton Park Campus and building a new state-of-the-art £450m Bay Campus.

“Demand for purpose-built student accommodation in the city remains high as it supports the university in its growth ambitions, whilst also freeing up more housing for local families and young professionals to rent.”