Description of works:
L&UK Property Group is on site developing this 520 room student accommodation project in the centre of Birmingham. Demolition and remediation of the site commenced in September 2016. Completion will be in June 2019 for the 2019/20 student intake. Funding for the scheme is being provided by a major UK pension fund, through a 45-year strip-rent agreement, alongside conventional debt funding.
The scheme will be managed by The Nido Collection and held by L&UK Property Group under their Ivy League Student Living brand.
The scheme will generate a return for L&UK Property Group of circa £11m after the payment of all development and financing costs.