Olympian Homes and Housing Growth Partnership (HGP) have joined forces to establish an equity Joint Venture (JV) in order to construct a 790-bed Purpose Built Student Accommodation Scheme (PBSA) in Nottingham city center. Additionally, the scheme will feature 19 affordable homes and is estimated to have a Gross Development Value of around £120 million.
Referred to as ‘Forest Mill’, the PBSA scheme will consist of 790 beds spread across three buildings. The development will include various amenities such as a Café & Co-Working Space, games area with table tennis, air hockey, fussball, shuffleboard, private dining, gym, yoga studio, cinema room, gaming booth, and a garden terrace.
Situated on Alfreton Road, the site is conveniently located within walking distance of the Nottingham Trent University campus and is easily accessible to the University of Nottingham Jubilee Campus and the city centre.
The site adjacent to the PBSA blocks will see the construction of 19 affordable homes, which will contribute to the Council’s housing delivery targets and provide housing for residents on low incomes.
Following the acquisition of the site in September 2021, Olympian Homes obtained planning permission in June 2022. RG Construction has been awarded the build contract for the PBSA element, while Tanbry Construction will be responsible for the affordable housing element. Enabling works commenced in July 2023, with main construction scheduled to begin in December 2023, and completion expected prior to the 2025/26 academic year.
James Lindridge, Development Director at Olympian Homes, expressed gratitude for the support from Nottingham City Council and emphasized the significance of the transaction for the company’s PBSA funding initiatives.
Mark Slatter, Chairman of Olympian Homes, highlighted the positive impact of the development on the local area and acknowledged the stakeholders involved in the project.
Colin Bennett, Investment Director at HGP, emphasized the economic growth potential of the scheme and the long-lasting partnership with Olympian Homes.
Laurie Marsh, Senior Director at JLL Living Capital Markets, commended the Olympian team for their successful capital raising efforts and highlighted the attractiveness of the Living sector for investors.
Olympian Homes was advised by JLL Living Capital Markets and Freeths, while HGP received advice from Shoosmiths.
The partnership between Olympian Homes and HGP marks an exciting opportunity for the development of high-quality Student Accommodation and much-needed Affordable Homes, demonstrating the confidence in the UK PBSA sector despite challenging economic conditions.