COUNTY Tyrone construction group McAleer & Rushe has launched the first student accommodation scheme it will directly fund and bring to market as both developer and owner.
The Cookstown-based company’s construction arm commenced work on the 409-unit Nottingham development in February 2023, with work due to be completed in the summer of 2024.
This week the group’s investment wing, MRP, marked the ‘topping out’ phase of the scheme with 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.
‘The Place’ is an 11 storey purpose-built student accommodation (PBSA) scheme located next to Nottingham railway station.
It will include a gym, private dining room, study and breakout spaces as well as a sky lounge on the roof.
Graham Mitchell from 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.”
Oliver Ayling from Grosvenor Property UK added: “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.”
