Maslow pumps £68m into student living

A joint venture between HIG Realty Partners and Birchwood-based Primus Property will now take forward 790 bedspaces across a pair of schemes in Lancaster and Leeds.

Development finance provider Maslow is providing £32m for a riverside project at Bulk Road, Lancaster, which will see 388 studios built in a scheme designed by Tim Groom Architects.

The scheme was approved in November 2022.

The Leeds project is to be backed by £36m from Maslow, and will introduce 402 studio apartments on Regent Street, less than a mile east of Leeds city centre.

HIG Realty Partners is part of HIG Capital a Florida-headquartered alternative asset management firm, while Primus is a developer specialising in the sector.

Both projects will offer a range of amenities, including games rooms, common living areas, private dining rooms, group study spaces, cinema rooms, gyms, yoga studios, and vibrant outdoor social areas.

A steady increase in domestic students, along with a surge in international students in Leeds and Lancaster, makes the project stack up for Maslow. In Leeds, the number of international students has risen by 54% since 2015, while Lancaster has experienced a 19% increase, the firm said.

The JV partners were advised by JLL.

Rachael Gordon, head of deal execution at Maslow Capital, said: “The notable increase in the international student population in both Leeds and Lancaster has intensified the demand for high-quality student accommodation in these cities.

“The early reservation of properties and the heightened demand for homes within walking distance of universities are trends apparent in both cities. With esteemed universities experiencing a surge in enrolments, the supply of purpose-built student accommodations is pivotal.”

Primus director Duncan Melville said: “The development of these two projects exemplifies our ambition to craft state-of-the-art student living experiences across the UK. Partnering with Maslow Capital, a proven name in the sector, assures us of the strength and reliability that comes with decades of experience in student accommodation financing.

“We are confident that together, we will set new benchmarks in student living, combining luxury, convenience, and community spirit.”