Cambridge builds for student boom

As part of a mixed use scheme on 26 acres around Station Road, Cambridge, Powell Williams, the project management firm, is to manage the £40 million construction of student accommodation. Student housing has been one of the growth sectors for the property industry in the current period of hard economic times. In the case of Cambridge, it will be 511 bedrooms in three buildings for Anglia Ruskin University.

Andrew Marshall of Powell Williams commented: “The growing requirement for high quality student accommodation shows no sign of waning and demonstrates how this one area of the market is booming, while others are suffering. Such schemes are offering one of the only streams for new build investment opportunities in the current market.” The key to this is that such schemes can raise private capital; in this case forward funding from LaSalle Investment.

John Yeend of LaSalle said: “This project offers a unique opportunity to participate in the reinvigoration of this part of Cambridge through the development of new facilities for Anglia Ruskin University, alongside the wider development of new homes, hotels, shops, offices and public space.” The scheme has been designed by TP Bennett Architects and is designed to meet the BREEAM excellent sustainability rating, which is an increasingly important requirement on new buildings.

According to Mike Ayton of Juniper Estates, the Cambridge office market continues to be active and the first half take up, together with deals in the pipeline, indicates that the total for the year will be over 37,160 sq.metres. “Companies like Jagex and Arm are expanding and we are getting to the point when developers need to go for speculative schemes. The vacancy rate for good buildings is only 3.5%.

Completing the triangle

A major development is on the cards for the site known as the Leadenhall Triangle in the City following the acquisition for £190 million by funds managed by Henderson. At the moment the buildings on the site total 42,734 sq.metres. Henderson has the options of a new development or refurbishing the existing space. Henderson’s Nick Deacon said: “We are confident we will be able to unlock significant value from the site, whether that is wholesale redevelopment or refurbishment.”

Some major schemes are planned for a wide area of the capital, such as Vauxhall, where CLS Holdings is planning a 17,993 sq.metres mixed use scheme of business units, retail space, a hotel and student accommodation.

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Green light for sheffield scheme

Although Sheffield and other northern areas were expected to be hit by the government drastically reducing its property requirements, the Yorkshire city still has a number of key developments. One example is that Devonshire Green Holdings has received planning permission for a £3 million mixed use scheme designed by Cartwright Pickard at Arundel Street. The privately funded scheme involves listed buildings being converted into retailing on the ground floor with offices above and a new build of 72 bed student units. It will be built around a central courtyard and is aimed to enhance the Victorian architecture in the Cultural Industrial Quarter.