Secured conditional planning consent for a new 256 bed student accommodation development in Portsmouth with a gross development value of c. £32 million
Crosslane Student Developments, part of the Crosslane Group, is pleased to announce that it has secured conditional planning consent for the redevelopment of a site, Stanhope House, 91-95 Commercial Road, Portsmouth, into a premium, purpose-built 256 bed student accommodation property. The total development value is expected to be approximately £32 million.
Completion of the scheme is due in time for the 2019/2020 academic year. Prime Student Living, the student accommodation lettings and operational management arm of Crosslane, will be responsible for achieving full occupancy prior to practical completion.
The site is in Portsmouth city centre, five minutes’ walk to the main university buildings, central shopping district and the main city centre amenities and opposite Portsmouth’s main train station and Victoria Park.
The current building, a 1950s office block with a bank on the ground floor, will make way for a high specification 19 storey purpose-built student accommodation development, comprising 128 studios and 128 en-suite cluster flats, and communal areas including a common room, along with individual study rooms and kitchen and dining areas for entertaining on alternative floors. Retail space will be on the ground floor, with entrances to the accommodation from both Commercial Road and Stanhope Road.
Portsmouth is a vibrant and cosmopolitan port city with a student university population of over 20,000 students on campus, with a high proportion of postgraduates and international students. The University, which enjoys an impressive reputation for its health department, has recently invested more than £100 million in new buildings and the refurbishment of existing facilities and continues to successfully attract increasing numbers of students, with the number of applications to the university four times the national average.
Crosslane has appointed Stride Treglown as the main architects for the scheme.
The vendor is The Pineapple Corporation.
Lisa Timberlake, Development Manager, Crosslane, commented:
“Stanhope House, Portsmouth is Crosslane’s first student accommodation property in this thriving student city and the development is situated right in the heart of the city centre and close to the University of Portsmouth. Crosslane is pleased to have successfully received planning consent for the scheme following extensive engagement with the local planning authority on the design and a public consultation event that Crosslane hosted for local residents.
“Crosslane continues to identify and evaluate potential opportunities to further grow our successful student accommodation business in the city and other locations in the UK and throughout Europe.”
