New student beds for thriving student cities of Leeds and Coventry

Announcements

London based developer Olympian Homes has completed a forward funding deal with a GDV of £194m with iQ Student Accommodation for the delivery of 1,952 student beds in Leeds and Coventry. The two developments will bring high quality accommodation to these two thriving student cities, broadening the range of options available to those choosing Leeds and Coventry for their academic studies.

 

Leeds – Hume House

Hume House in Leeds city centre is set to become one of the tallest buildings in England outside of London. Located in the Arena Quarter on Tower House Street, the building joins an emerging cluster of iconic buildings which are set to regenerate this corner of the City Centre.

Construction work has already started on the 255,000 sq ft, 37-storey building that will provide 752 bedrooms of purpose-built student accommodation, along with a roof terrace on the 35th floor to take advantage of the panoramic views across the city. The scheme will be completed in June 2021 and open for the 2021/22 academic year. It will be iQ’s third development in the city.

 

Coventry – Bishop Street & Upper Well Street

Lands acquired along Lamb Street in Coventry city centre will deliver 1,200 bedrooms of purpose-built student accommodation. The 371,000 sqft development consists of three buildings and will be delivered in two phases.

Phase 1 will deliver 823 student bedrooms and includes a 20 storey tower on the junction of Bishop Street and Lamb Street. The scheme will be completed in July 2020 and open for the 2020/21 academic year.

RG Group has been appointed as the main contractor for both projects, which have been designed by O’Connell East Architects.

 

Simon Murray-Twinn, Chief Executive Officer of Olympian Homes, said:

“We are extremely proud to have iQ Student Accommodation as our partner for the projects and have worked closely together in partnership to design two very bespoke buildings that are unique and tailor-made to each market. We are looking forward to creating an iconic building in each city, both of which are centred on iQ’s philosophy to put the student experience at the forefront of design and living.”

 

Iliya Blazic, Chief Investment Officer at iQ Student Accommodation, commented:

We are delighted to have completed this deal with Olympian. Leeds and Coventry are both vibrant student cities which have seen demand for university places grow in recent years. This will be our first scheme in Coventry, and third in Leeds, further investing in these key student growth markets and bringing a range of high-quality, well-located accommodation to students.

“We will now be providing homes for 2,364 students in Leeds, and expanding our relationship with university partners – some of whom we've worked alongside for many years. Our entry into Coventry will allow us to serve both Warwick University and Coventry University and we look forward to providing thousands of students with high quality, safe homes from which to make the most of their university years."

 

Atrium Real Estate Advisors acted as advisor to iQ Student on both transactions.