Crosslane Student Developments, part of the Crosslane Group, is pleased to announce that it has secured planning consent to deliver an 83 bed purpose-built student accommodation development on Calton Road, Edinburgh, with an estimated total development value of £12 million. The scheme includes 238 sqm of ground floor commercial accommodation, and is due to be completed in time for the 2019 academic year. Prime Student Living, the student accommodation lettings and operational management arm of Crosslane, will be responsible for the marketing, lettings and ongoing management of the accommodation.
This is Crosslane’s second student accommodation development in the city and brings the total number of beds Crosslane has developed in Edinburgh to 320. Crosslane is currently developing The Old Printworks, a 237 bed purpose-built student accommodation scheme which is due for practical completion in time for the 2017/18 academic year.
The Calton Road site, which is currently a car valeting business and is located opposite the New Parliament House, is a short walk to Edinburgh University’s central campus, the city’s main shopping streets and Edinburgh Waverley train station. The new purpose-built high specification four storey student accommodation scheme will comprise 80 en-suite studio apartments and three 1 bedroomed flats, with common room, washer/driers, gym, outdoor courtyard and cycle storage. Student residents will benefit from 100 Mbps internet/Wi-Fi speed.
Approximately 47,000 full-time students are enrolled at the University of Edinburgh, Napier University, Herriot-Watt University and Queen Margret University, with the University of Edinburgh ranked in the top 20 of The Sunday Times and The Guardian university league tables. The supply-demand fundamentals for city-centre-located, premium, purpose-built student accommodation persist in Edinburgh and are likely to continue with, for example, Edinburgh Napier University planning to expand by around a fifth by 2020.
Crosslane has appointed award winning JM Architects as the architects for the development.
Jon Stewart, Director at Crosslane Student Developments, said:
“Crosslane is delighted to have secured planning consent for a new student accommodation development in Edinburgh. The Calton Road scheme is right in the heart of the city centre and a short walk to Edinburgh University and will help provide an efficient solution to the shortage of quality housing for students in the city. Edinburgh remains a strong investment choice for Crosslane as the city’s universities are actively investing significantly into their academic facilities, with the University of Edinburgh’s cumulative capital spend on its estate expected to rise from its current £300 million level to as much as £1.5 billion by 2025.”