Planning consent secured for £43.5m student accommodation scheme in Leeds
Torsion Group and Zenzic Capital have secured planning consent for a new £43.5m GDV student accommodation scheme on Kirkstall Road in Leeds.
The scheme will comprise 205 studio rooms across 10 floors as well as communal spaces, roof gardens, a gym, a social lounge, cycle storage and study areas.
The project is part of Zenzic’s joint venture with Torsion Group, which is targeting a total portfolio GDV of over £250m.
Dan Spencer, chief executive officer at Torsion Group, said: “Kirkstall Road has become the latest high profile purpose-built student accommodation development to benefit from our ongoing strategic partnerships with leading finance companies.
“I am proud of the way in which our team at Torsion Developments and Torsion Construction worked together to design the project to budget and deliver a scheme that remains high quality and fundable even in the current challenging markets.”
The joint venture, which launched in January, now comprises five major schemes, which are all located in Russell Group university cities.
Senior Debt for the scheme is being provided by Atelier. All three partners have worked together previously on project deliveries including large student accomodation developments across the north of England and Midlands.
Once the project is completed and handed over, it will be operated by LUNA Students, which is part of Torsion Group.
Nadine Buckland, CEO of Zenzic Capital, said: “The UK student accommodation sector is underpinned by a number of highly attractive tailwinds, including growing student numbers, an acute shortage of high-quality supply and an inflation-protected income profile. By carefully selecting the right development partner, we are confident of enhancing returns for our investors.”
Louise Bena, CMO at Torsion Group and managing director of Luna Students, said: “Our student offering in Leeds has reached a significant milestone with over 500 beds, solidifying our position as a leading provider in the city. This expansion not only reinforces our commitment to Leeds but allows us to deliver an unparalleled living experience for students on their university journey.”