Construction to begin on Southampton student halls
A £70 million project to deliver new halls of residence for students attending the University of Southampton is underway.
The scheme is being funded by UK property development and investment group Terrace Hill and aims to deliver three new eight to 16-storey buildings for the university over the coming months.
In total, the new development will bolster the university's available accommodation by 1,104 rooms and is the culmination of a project that was first put up for approval with local planning authorities way back in 2008.
Other amenities that are to be added at the development will include a new shop, cafe, gym and learning centre at ground level.
Philip Leech, chief executive of Terrace Hill, said: "Our student accommodation development at Mayflower Plaza is an extremely attractive, high-quality scheme in a city with a large student population, let to a very strong tenant in the University of Southampton on a long lease.
"These factors underline the institutional quality of the asset, which has allowed us to secure the forward funding and sale of the property to Legal & General Property."
Following demolition works that took place in 2003, the V-shaped site of the new development on Commercial Road is already prepared for the new construction and therefore work should begin in the near future.
Gordon Aitchison, director of investment and development at Legal & General Property, added that the deal represents the company's third major funding of student accommodation in the UK this year, demonstrating a growing appetite among investors for projects in critical social infrastructure.
Meanwhile, Shepherd Construction was last week celebrating the dual award of contracts totalling £13 million for projects in London and the south-east of England.
The firm has been awarded deals for the delivery of a £9 million mixed-use development on Oxford Street in the capital, as well as the £4 million Clarendon Centre project in Oxford.
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