Clavering Place is a prime site in the centre of Newcastle between the central railway station and the Quayside. Previously, it had a planning consent for a Grade A office building and Gilltown worked with Buccleuch Property to acquire the site on a subject to planning basis.
Gilltown achieved planning consent for a development of 210 student bedspaces with ancillary accommodation in June 2014 and has now completed the site purchase. The scheme has been designed by Newcastle based Intersect Architects to be ‘best in class’ in terms of accommodation in the city and will provide larger than average rooms in a mix of self-contained studio units and en-suite bedrooms in cluster flats with a range of amenity space including a large communal lounge, study room, television room and gym.
Completion of the development is due in July 2016 with Robertson Construction as the main contractor, and it is to be managed by new specialist independent student accommodation manager, Universal Student Living.
Paul Gillespie, Managing Director of Gilltown Limited, who has worked in the student accommodation development sector since the late 1980’s commented, ‘We are delighted to have completed our first site acquisition and planning consent as Gilltown. The development is meeting our objectives to provide bespoke and high quality student accommodation buildings in the best locations around the UK, and this project will be very suitable for postgraduate, international as well as second and third year students studying at both universities of Newcastle and Northumbria.’
Sandy Smith, Development Director of Buccleuch Property added ‘We are very pleased to have worked with Gilltown and to have completed the transaction. Clavering Place has been a long term project for Buccleuch Property where we have maximised the value of the site through change of planning use whilst at the same time helping to create a landmark scheme in the sector.’
Lawson & Partners acted for Gilltown. Sanderson Weatherall and GVA represented Buccleuch.
Notes to editors
About Buccleuch Property
Buccleuch Property (www.buccleuchproperty.co.uk) represents the commercial property interests of the wider Buccleuch Group with the core of its business operating in the investment and development markets together with significant interests in the strategic land and residential sectors.
The company has a very experienced and well-motivated team who are focussed on providing hands-on asset, development and financial management; it aims to deliver innovative and sustainable projects to generate a combination of long term revenue streams and capital profits from trading.
With offices in Edinburgh and London, Buccleuch Property has a market exposure of circa £250m through a UK wide investment portfolio, a commercial development pipeline in excess of 2 million sq ft and a strategic land portfolio with over 10,000 consented housing units.
The business also has interests in a number of core long term joint ventures; these include Queensbury Properties which develops contemporary new homes in the Central Belt of Scotland, Native Land, an internationally recognised property development company specialising in high quality residential developments in prime Central London and a partnership with Audley Retirement in Scotland.
With an increasing portfolio of opportunities across the UK and with joint ventures in the US and Germany, Buccleuch Property is a committed and financially sound primary investor and seasoned JV partner with the benefit of a strong balance sheet and access to long term finance.
Nicki Sturzaker/Kate Forster at Stripe Communications on 0131 561 8628, or firstname.lastname@example.org