Maven has raised £3 million to fund a new student accommodation development in the West End of Glasgow.
The student accommodation sector has seen substantial growth in investor interest and has emerged as one of the best performing property asset classes in UK. However there is a limited supply of good quality direct investment opportunities available to private investors.
With student numbers in the UK steadily increasing, particularly among the better-regarded Universities such as the University of Glasgow, there is a significant under-provision of purpose built student accommodation in many cities.
Claremont House is an empty office block located just a short walk through Kelvingrove Park from the University of Glasgow and will be refurbished into a 94-room student accommodation unit, scheduled to be open for the start of 2014/15 academic year.
The completed development will be managed by CRM, which is one of the top five specialist student accommodation management companies in the UK and already operates 50 units across the country, including two in Glasgow.