Global real estate firm Cushman & Wakefield have advised Waypoint Long Income Fund (WLIF) to commit £20 million to forward fund a 188-bed student accommodation in Leeds.
The proposed scheme ha been designed on the site of a former office building in the city’s Park Lane area and will be developed in a joint venture between Yorvale and Maple Grove Developments. Once complete, it will be let to Unipol Student Homes for a term of 25 years.
Commenting on the scheme, Karen Hirst of Maple Grove Developments said: “We are excited to be providing this superb new student accommodation for Unipol which is in a great location in the centre of Leeds’ student district. Now the funding deal is completed, the team will be working hard to deliver the 188 beds for the start of the 2021/2022 academic year.”
Meanwhile, Martin Blakey of Unipol added: “Our commitment to this building is based on its great location and the quality of design, both externally and internally. It reflects Unipol’s values to provide well-priced student accommodation and create a living environment that encourages socialisation and wellbeing, which is part of our educational mission.
Blakey continued: “Our long-term leasing will enable us to nurture this building and its occupants over the next quarter of a century and to ensure it is rooted in the historic community of Little Woodhouse in this outstanding part of Leeds.”