Award-winning property development and investment company, MRP has launched its new purpose-built student accommodation (PBSA) scheme ‘The Place’, in Nottingham, the first project that it will directly fund and bring to market as both developer and owner.
Construction on the 409-unit development, which spans 11 storeys began in February 2023 and is scheduled to complete next summer in time for the 2024/25 student intake in September.
Celebrating the ‘topping out’ at the new student residence, MRP was this week joined by Grosvenor, who provided the senior debt facility, and Homes for Students, who have been appointed to manage the property under their luxury Prestige Student Living brand.
Centrally located at the junction of Queens Road and London Road, The Place is ideally situated beside Nottingham railway station and within commuting distance of the University of Nottingham and Nottingham Trent University. Helping to address the supply and demand imbalance in Nottingham, the new student scheme will advance Nottingham City Council’s strategy of integrating students into the city centre in secure and purpose built accommodation rather than unsuitable HMOs.
Speaking at the topping out ceremony, Graham Mitchell, Development Director, at MRP said:
“While we have extensive experience in the PBSA sector, The Place is a unique development for MRP as it is the first scheme we will develop and open ourselves. Our partners Grosvenor have been instrumental in ensuring that we are able to deliver this project, and we look forward to working closely with the team at Homes for Students on completion.
“The expertise of McAleer & Rushe as construction partner on this project has been invaluable and their experience in delivering projects of this size will ensure that we remain on course for practical completion in summer 2024.”
The Place will offer a safe and secure home in the city centre and the ideal place for students from across the city’s education hubs to live, meet, dine and study. Generous amenity spaces will include a gym, private dining room, study and breakout spaces as well as a sky lounge on the roof, offering spectacular panoramic views over the city.
Oliver Ayling, Senior Investment Manager, Grosvenor Property UK said:
“This is only the second time we have entered the PBSA sector as a debt provider. The Place offered the perfect partnership opportunity with MRP, who have an exceptional track record in developing quality student schemes across the UK. The Place, is centrally located in Nottingham and will be an exceptional living space for students when it completes next summer, providing a fit-for-purpose space that allows them to study and socialise in a safe and secure environment.”
Also present at the topping out ceremony was Mark Diamond, Senior Director at McAleer & Rushe. He said:
“We are delighted to be able to deliver MRP’s vision for The Place, bringing our expertise in the PBSA sector to the fore. Our strength lies in our specialist teams in the sector with the technical ability to not only provide exemplar city centre projects but also deliver on time and to the highest quality, which will ensure safe completion of this scheme for next summer.”
To find out more about reserving a room visit The Place website here.