Crosslane Student Developments, part of the Crosslane Group, has announced that St James’ House, Newcastle, which comprises the conversion of an office block into a high quality, turnkey student accommodation studio scheme, is already 78% let for the 2016/17 academic year, ahead of expectations.
The property, which is on schedule and on budget and due for practical completion in August 2016, was acquired by the Group in December 2015. Crosslane is currently exploring strategic options that may result in a potential sale to interested parties.
The high specification scheme is very well positioned, adjacent to St James’ Park, making it the nearest private student accommodation property to the Newcastle University campus and just to the north west of Newcastle City Centre. The University of Northumbria main campus, St James’ Metro station and Haymarket and Monument metro stations are a short walk away.
Work on the site commenced in January 2016 to develop the property into a modern, premium scheme, comprising 147 self-contained studios of varying sizes, all built to a high specification and including 27 penthouse studios which feature a split level design. The scheme has excellent communal facilities and amenity space including a large common room, gym, luxury kitchen and dining room with seating for fifteen people, study area, cinema room and a ‘games zone’ with pool and football tables. Students will also enjoy a range of social activities such as cooking classes and regular competitions. The property will also boast the fastest broadband on the market of 250MB. Upon practical completion, St. James’ House will be operated and managed by Prime Student Living, the student accommodation operational management arm of the Crosslane Group.
Newcastle is an exciting student city, with two popular universities, and a student population of approximately 51,000 students. Newcastle University is a Russell Group university which attracts some 23,000 students from around the world and a high proportion of postgraduates. Northumbria University is focused on research and business with over 28,000 students, making it one of the largest universities in the UK.
Savills is representing Crosslane on this strategic review.
Commenting on St James’ House, Andy Whatson, Director of Crosslane Student Developments, said:
“Crosslane is exploring strategic options for our St James’ House, Newcastle student accommodation scheme following strong expressions of interest in the property. This interest is testament to the high quality nature of the property, which is the best located scheme with convenient access to both of Newcastle’s universities as well as the city’s retail and entertainment centre. In addition, the scheme is finished to a very high specification with first class communal facilities focused on creating a vibrant student community through spaces and amenities that encourage study as well as socialising amongst students. This is clearly proving attractive to students and we are pleased with the high level of interest and bookings for our scheme, which is unprecedented at this stage in the year especially for a new scheme.”