McAleer & Rushe selected to deliver two PBSA schemes in UK
March 20. 2020 – UK-based construction firm McAleer & Rushe has been selected by student accommodation developer Future Generation to deliver two purpose-built student accommodation (PBSA) schemes in Nottingham, UK.
Future Generation has secured £55m development facility from Maslow Capital to fund the construction of two PBSA schemes – Luxurio and The Vantage.
The two schemes, which already received planning consent, will create 943 student beds close to top-tier universities.
Planned to be built in Loughborough, the £45.3m Luxurio scheme will deliver 458 bedrooms.
Designed by Rio Architects, the mixed-use scheme will comprise landscaped grounds, communal courtyards, roof terraces and green living walls on the building exterior.
The £48.3m Vantage scheme, to be located in Traffic St, Nottingham, will provide 485 bedrooms spread over 12 storeys.
Designed by Axis Architecture, the scheme will boast Future Generation’s signature Sky Lounge offering views over Nottingham Castle.
McAleer & Rushe contracts director Dominic Trainor said: “Having commenced works on Guilden Park in Guildford late last year, we are delighted to be announced as the main design and build partner on the further PBSA developments in Nottingham and Loughborough.”
The two schemes form part of Future Generation’s ambitious mission to build 10,000 student beds in five years.
Future Generation, which is a joint venture between London-based property developer Southern Grove and Bahrain-based Tadhamon Capital, has 553 operational beds, 1,476 under construction and around 2,000 beds in the pipeline.
Future Generation Southern Grove chairman Andrew Southern said: “Both these schemes will be hugely disruptive in their local markets as students come to realise that premium accommodation can be good value, and that’s a message we will deliver nationwide.”
Maslow Capitalco-founder Ellis Sher said: “Both Luxurio and The Vantage are two fantastic examples of cutting edge PBSA design being delivered by a highly credible team.
“The demand for this type of student scheme has still not been met in a number of densely populated areas of the UK. It is for that reason we have a division dedicated to PBSA and we will continue to exploit deep knowledge of the sector to fund the right opportunities.”
McAleer & Rushe said it will commence construction on the two schemes immediately.