Balfour Beatty secure development finance for Glasgow student build
Balfour Beatty has reached financial close for a student accommodation build in Glasgow with development finance for the project being raised with Investec Bank.
The build, which will be based on the east side of Glasgow and will be split across two blocks based around a central courtyard, will be developed entirely by Balfour Beatty including site purchase, planning and design, construction, and the management and letting of the completed rooms. Ian Woosey, Investment Director for the student accommodation sector at Balfour Beatty, said of the project to The Construction Index:
“As one of the leading developer/contractors in the student accommodation market, we are delighted to have arranged the optimum funding package to carry out this development in Glasgow. From our wide ranging experience of working in this sector, we believe there is a good demand for high quality, purpose built cluster flats and studios in this part of Glasgow”.
The build will be marketed direct to students and is aimed for a July 2017 completion.