Works completes at Maven’s latest PBSA development

We are delighted to announce that we have reached practical completion at our latest purpose built student accommodation complex - Stanley Studios in Dundee.

Located at 56 Brown Street, in the heart of the city centre and only a few minutes from the city’s two universities, the brand new apartments will offer a choice of stylish and spacious studio rooms, all with private en-suite and kitchen.

The 152-bed student accommodation offers a range of amenities including, study spaces, gym, cinema room, private dining room, communal lounge and rooftop terrace.

Construction at the site, which had been vacant for several years, started in May 2023 and the development has been completed in time to welcome students ahead of the 2024/25 academic year.

The £19 million development has been funded by Glenmore, alongside a bank facility from Puma Property Finance, with Maven acting as the asset manager on the project. Aberdeen based CHAP Group led on the construction.

Dundee has one of the highest ratios of student population in the UK, with over 17,000 full time students, and this number has increased 22% over the last five years. Stanley Studios will have a positive impact on the city, offering additional high quality student living provision, which will help towards addressing the significant undersupply of purpose built student accommodation currently experienced in Dundee.

 

Maven has extensive experience in the PBSA sector where it has developed, asset managed and operated a number of properties across many of the UK’s university cities, including Glasgow, Edinburgh, Durham, Liverpool and Birmingham.

Maven also has previously been active in Dundee having redeveloped Marketgait Apartments on Johnston Street in 2015 which was subsequently sold in its second year of operation at 100% occupancy, providing a return for Maven investors of 2.37x MoM.

“This project makes an excellent addition to the city’s PBSA offering, and located just minutes away from the university campuses we are confident Stanley Studios will appeal to students looking for a modern and safe place to live and learn. The UK PBSA sector continues to have strong underlying fundamentals and its growth outlook remains compelling as demand for student housing is only set to increase with more students applying for university.”

Carolyn Ferguson, Investment Director at Maven

“We are delighted to have achieved practical completion at Stanley Studios and look forward to welcoming our first residents in September.  We hope that they will have a great time living in what is now undoubtedly Dundee’s premier student accommodation. It has been an absolute pleasure working with Maven and the wider project team to deliver this outstanding new property.” 

Andrew Whiteley at Glenmore Group