Property investors are being offered a “rare opportunity” to back what is being billed as one of the last remaining student accommodation developments next to Aberdeen University’s main campus.
Granite City-based developer West Coast Estates (WCE) said its flagship 500 King Street scheme aimed to deliver a broad mix of accommodation which would appeal to a range of students from undergraduates to international post-graduates.
The development will have beds for to 100 students, a gym, cinema, communal lounge, retail and “even a secret garden”, it added.
Full planning permission was granted in March, with construction expected to be completed before the start of the 2018/2019 academic year.
WCE director Iftikar Mian said: “With the university set in Aberdeen’s old town, opportunities to develop large-scale, modern student accommodation are rare.
“This is likely to be the last feasible opportunity and are delighted to offer this to the investor community.
“We believe it is excellently placed to achieve an above average rental and occupancy performance.”
He added: “Not only will students have access to state-of-the-art accommodation but they will have all the amenities they require right on their doorstep.
“In addition to those which are part of the scheme, the university is opposite, the sports village is just a few hundred metres up the road and there is even a pub next door.”
WCE said a defining characteristic of the scheme would be “the quality and quantity of landscaping and external amenity provided for student enjoyment”.
The firm added: “This will significantly exceed what is available within other competitive schemes within the city.
WCE is a family-owned property investment and development company founded by Mr Mian and his brother, Sarfraz Ali, in 1991.
It is established in sectors including commercial and residential development as well as community projects.
The commpany said its development pipeline was worth £25million, while it was “continually assessing potential sites and working with surveyors and building firms spanning the length of Scotland”.
Cuurent projects include a £2million development to create the north-east’s second drive-through Costa Coffee on a site which has lain unused for two years.
The outlet, on the corner of Abbotswell Road and Wellington Road, is due to open early in 2018. It will have seating for up to 94 people.
Costa, advised by property specialist Savills, has committed to a 15-year lease for the 2,200 q ft drive-through.
Ian Buchan, director in the retail team at Savills Scotland, said: “The unit at Wellington Road secures Costa’s second drive-trough in Aberdeen, following the opening of a store at Bridge of Don Retail Park later this year.”