Developer announces £1bn partnership to build over 6,500 student bedrooms by 2027

Leeds-based Urbanite Living, the company which intends to create student and build-to-rent apartments on the Wellington Street site in Leeds, has joined forces with Prescient Capital.

Urbanite Living, which was founded by Timothy Smith and Daniel Newett in 2017, has built up a development pipeline of over 3,500 student bedrooms across Leeds, York, Sheffield, Glasgow, Birmingham and Leicester, and is now targeting schemes in other university cities.

The gross development value of these secured developments is in excess of £500m and Urbanite said the partnership with Prescient Capital will enable the pipeline to grow rapidly.

Prescient Capital is a private equity investor in UK real estate, renewables and technology and has acquired a 50 per cent stake in Urbanite to deliver the ambitious growth plans in the student sector.

Plans for the remainder of The Yorkshire Post site, designed by DLA Architecture, were presented to Leeds City Council Plans panel last week.

The proposals include three buildings of up to 40-storeys that will create approximately 1,550 student bedrooms, as well as around 320 build-to-rent homes and major public realm improvements including a micro-forest and public art.

Urbanite Living’s first scheme was during 2018 in York for 108 student bedrooms, which is now in the process of being extended by another 81 bedrooms and will be completed next year.

The company has recently acquired the 456 bed Sugarwell Court development from Leeds Becket University. It is also onsite with a 127-bed development in Sheffield that will be completed later this year.

Mr Smith said: “The partnership with Prescient Capital will build on the strong foundations and pipeline that we have currently in place and will enable us to expand our development portfolio across the UK.

“We are passionate about delivering high-quality student accommodation and environments in key cities and getting young people involved in all aspects of the design and concept at an early stage.

“We are thrilled that our plans for The Yorkshire Post site in Leeds were positively received by members and are now working up a detailed planning application to transform this gateway site.”

Both property professionals have interests in various ventures with Mr Newett also a shareholder in housebuilder Avant Homes, following the acquisition of the company by Berkeley DeVeer last year.

Mr Smith’s investment vehicle Countrylarge specialises in residential development.