Sunday 25 February 2024
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Nottingham

Sale of eight-storey 400-bed Beeston student block site completed

More than 400 studios are set to come to Beeston after Cassidy Group has completed its purchase of The Square site in the town.

Taking on the prime freehold site from Monk Estates and William May Developments, Cassidy Group plans to transform the site – situated in the heart of Beeston – into 419 studios of purpose-built student accommodation (PBSA).

The Square adds to Cassidy’s other Nottingham PBSA schemes in Arkwright Street and London Road in Nottingham city centre, creating a total of 1,084 student beds and 149 privately rented apartments with a GDV of almost £200 million. All the schemes are set to be delivered by summer 2025.

The Beeston scheme was initially granted planning permission in May, and the eight-storey scheme is set to be built on the derelict site in Station Road.

Cassidy says that the purchase is a great addition to its growing portfolio of schemes not just in Nottingham, but nationally.

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Liam Brennan of Cassidy said: “Our scheme will offer something fantastic for local students who are currently living in houses in multiple occupation (HMO) in Beeston and this can create problems for people trying to buy in the town.

“Nottingham is one of three major cities in the UK showing outstanding growth, and this development will help free up homes for families to live in and encourage the use of public transport.

“Beeston has fantastic infrastructure, and the new development is designed to enhance that. We’re excited to see this site, which has sat derelict for so long, finally be the home of something exciting for Beeston.”

The introduction and purchase were negotiated via David Hargreaves of FHP Property Consultants.

Liam added: “New data from independent data researchers StuRents, showing that by 2026 there will be a deficit of more than 620,000 student beds across the country – up from a deficit of just 5,000 in 2018.

“With the ever-increasing student bed shortage and lack of quality new apartments, our schemes are in prime locations in walking distance of both the University of Nottingham campuses and the main Nottingham train station and tram lines, all of which is great news for our future investors and operators.”

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