Property development specialist HG Living has exchanged contracts with Singapore-headquartered Q Investment Partners (QIP) to forward fund a 350-bed PBSA scheme at St James’ Boulevard, Newcastle-upon-Tyne.
The high-quality development will deliver a mix of studio and cluster flats along with internal amenity space including a gym, study rooms and cinema room, as well as an external courtyard. HG Construction, which has extensive experience in delivering student accommodation schemes across the UK, has been appointed as the main contractor on the project.
The site is located within a vibrant urban quarter on the doorstep of Newcastle University’s 24-acre ‘Newcastle Helix’ innovation district as well as the University’s Business School, Urban Sciences Building and INTO centre.
With two established universities in the city boasting a full-time student population in excess of 50,000, Newcastle continues to be a leading destination for higher education students. The creation of this new PBSA development is set to play an important role in helping the city address the ongoing and increasing demand for student accommodation from both domestic and international markets.
Commenting on the deal, HG Living Director Craig McPhail said:
“We are delighted to have secured our fourth deal with QIP and would like to thank them for their efforts and partnership approach in reaching this agreement. This partnership approach will extend across our supply chain with HG Construction as the main contractor, enabling us to offer enhanced management of the construction and development risk and deliver a seamless end-to-end service for our funding partners.
“This is an exciting opportunity to develop a best-in-class facility for the ever-growing student population in Newcastle. Not only is it one of the UK’s top university towns, Newcastle is also one of the most vibrant and inclusive cities for students to live in, offering a wide range of restaurants, bars, shops and facilities to enjoy. The sale is further evidence of the investment market returning and of the attractive investment and operational fundamentals offered by both the PBSA sector and by Newcastle as a city.”
Peter Young, CEO of QIP, commented:
“St James’ Boulevard, the second student scheme in the £200M build-to-core UK student housing venture between QIP and property investment group, Soilbuild, is testament to our position as a leading firm specialising in Global Residential Living. We are delighted to partner with HG Living once again, and this latest collaboration not only reinforces our unwavering commitment to the sector but also enables QIP to leverage our established platform scale to cater effectively to the growing demand for exceptional student accommodation in the UK.”
The development is due to complete in summer 2025 and will be operated by the Prestige Student Living Brand of Homes for Students.