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Major milestone reached in new PBSA development at the heart of Leeds city centre’s Arena Quarter

Major milestone reached in new PBSA development at the heart of Leeds city centre's Arena Quarter

A new purpose-built student accommodation scheme being built in the heart of Leeds city centre’s Arena Quarter has topped out and the scaffolding has now come down to reveal the new Merrion Street landmark, ahead of the development opening this summer.

The part five, part seven and part nine storey building has been designed by Brewster Bye Architects and is being delivered by Urban Developments (York) Ltd on a site previously occupied by a bar and nightclub.

In late 2022, Q Investment Partners (QIP), the Singapore headquartered private equity real estate firm, acquired the scheme in a deal worth approximately £15million. James Coppack, from QIP Development Group, said: “We are very proud of our recent collaboration with Urban Group that included a strategic revamp of our product standards as we continue to best position our upcoming UK PBSA developments. This Leeds asset will be an important addition to our expanding student housing platform.”

Once complete the development will offer 88 high specification studio apartments with associated amenities, including a lounge, gym, study rooms, a cinema room, laundry facilities, staffed reception area and cycle spaces, and will be operated by Prestige Student Living, the premium brand of Homes for Students, ensuring a high-quality living experience for the residents.

Nick Gould from Urban Developments (York) Ltd, said: “Work on this development is progressing well which is testament to the strength and experience of the whole development team and everyone involved is pleased to reach these important construction milestones.

“We’re now looking forward to completing the internal fit-out and are on track to hand the development over to QIP this summer, with students moving in for the start of the 2024/25 academic year.”

Mark Henderson, a director from Brewster Bye, said: “After designing the scheme and securing planning permission for it in 2022, it’s brilliant to see it heading towards completion and now the scaffolding is down, it’s revealed the façade and high-quality materials that are a key feature of the development.

“It’s also rewarding to see how its stepped design complements the surrounding streetscape, in such a great location, just a short walk from the universities and surrounded by bars, restaurants and shops, which will make it a very popular place to live.” QIP is a global leader in purpose-built residential real estate. As a fully integrated platform, QIP creates best-in-class living assets including PBSA and multi-family. The company invests in mature markets across the globe such as UK, US and Japan. QIP’s UK portfolio consists of 11 assets to date as it pursues a strategy to deliver c.2,000 beds across prime university cities.

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BDC 315 : Apr 2024