The BAM Connislow JV, a developer set up to specialise in student accommodation, has started work on its second project at Stoddart Street in Newcastle.
The North East division of BAM Construction started work on site in January on the £18.4 million development that will offer accommodation to 409 students.
The development, which has been designed by xsite architecture, is set out over three connecting blocks rising to seven storeys, spanning between Stoddart Street and Clarence Street on the east of the city. The development is near the city centre, only 500 metres from Northumbria University’s City Campus East, and a 15 minute walk from the Newcastle University Campus.
The accommodation will be a mixture of ensuite bedrooms with shared kitchens, and self-contained studio flats.
The BAM Connislow JV has secured forward funding from the Curlew Student Trust a vehicle created by Curlew Capital and CBRE, to invest in prime purpose-built student accommodation.
Dougie Peters, Managing Director, BAM Properties says, “The BAM Connislow JV is delighted to be starting our second student accommodation project. We intend to develop more schemes in locations where there is high demand from students. Our advantage is that we can draw on the development, design, construction and FM expertise in BAM as well as the specialist funding expertise of Connislow to develop effective schemes that will be attractive to students. BAM is a leader in sustainable digital development and construction which means what we develop will stand the test of time, will be highly efficient to manage and operate and deliver great returns to investors.
“We are delighted to be working with CST on this scheme. The accommodation at Stoddart Street will be completed in the summer of 2017 in time for the 2017/18 academic year.
“The BAM Connislow JV is currently considering a number of schemes for potential development throughout the UK.”