Crosslane Student Developments, part of the Crosslane Group, successfully unveiled its latest student accommodation development, Albert Place, Newcastle, on 7 September 2017. The ceremony was conducted by the Lord Mayor of Newcastle Councillor Linda Wright, Michael Moran, Development Manager, Crosslane Student Developments and Dan Spencer, Managing Director of The Torsion Group.
Prime Student Living, the student accommodation lettings and operational management arm of Crosslane, has successfully ensured that the development is today already 75% let for the 2017/18 academic year, in-line with expectations.
The property is very well positioned, immediately adjacent to the University of Northumbria City Campus East and within a short walking distance to the main campus of the University of Northumbria. Newcastle University is also nearby, as well as metro and bus links, shops, restaurants and bars. The property comprises 133 beds in cluster flats and 1 self-contained studio apartment and boasts high quality communal facilities, including a common room, onsite gym and landscaped private outdoor courtyard.
Albert Place is the fourth student accommodation property that Crosslane has developed in Newcastle in the past four years, bringing the total number of beds it has created in the city to 700. Crosslane also has a fifth Newcastle development in the pipeline to help ease the supply/demand fundamentals which persist for purpose-built student accommodation in this fantastic student city.
With two popular universities and a student population of approximately 51,000 students, Newcastle is an exciting student city. 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.
Crosslane Student Developments acquired the freehold site on Albert Street in August 2016 and engaged Torsion Group as the main contractor.
Commenting on the event, Michael Moran, Development Manager, Crosslane Student Developments, said:
“We are delighted to be opening Albert Place, our fourth development in the city, which will help to meet the strong growth in demand for this type of student accommodation in Newcastle. Crosslane has invested significantly in the city, by delivering a total of 700 beds including Albert Place, with a combined value of approximately £60 million.
“We continue to grow our identified pipeline of potential student accommodation investments in Newcastle and other prime university cities in the UK and Continental Europe.”
Lord Mayor, Councillor Linda Wright said:
“Having recently attended the topping out ceremony, I am pleased to be opening Albert Place, the fourth student accommodation property to be completed in Newcastle by Crosslane. Newcastle’s vibrant and cosmopolitan atmosphere is popular with students and an attractive place to work and invest. With approximately 51,000 students across two highly ranked universities which remain increasingly attractive to students from the UK and internationally, Newcastle continues to see significant demand for well located, high quality purpose-built student accommodation.”
Dan Spencer, Managing Director, The Torsion Group, said:
“Following on from our successful work with Crosslane in Newcastle, Leeds and Birmingham, we are delighted to have delivered the scheme with zero incidents or accidents, to a high quality, on budget and on time. Delivering 134 beds on such a tight site within a 10 month period has taken a lot of planning, effort and determination by all involved to ensure the successful opening of Albert Place.”