Kirkstall Road is the fifth PBSA scheme of a joint venture set up in January between contractor/developer Torsion Group and Zenzic Capital, a real estate credit manager.
Senior debt for the scheme is being provided by Atelier, a specialist finance company. All three companies have worked together previously on large PBSA developments across the north of England and Midlands.
The Kirkstall Road scheme will comprise 205 studio rooms across 10 floors as well as communal spaces, roof gardens, a gym, a social lounge, cycle storage and study areas.
Torsion Construction will act as main contractor, with Torsion Developments as development manager.
On completion, the building will be handed over to another Torsion company, Luna Students, which will operate the facility.
Dan Spencer, chief executive officer at Torsion Group, said: “Kirkstall Road has become the latest high profile PBSA development to benefit from our ongoing strategic partnerships with leading finance companies. Completing the joint venture means that it now becomes the latest in a series of large PBSA developments we have in our pipeline.
“I am proud of the way in which our team at Torsion Developments and Torsion Construction worked together to design the project to budget and deliver a scheme that remains high quality and fundable even in the current challenging markets. I firmly believe that the professionalism of our team and our solutions based approach to develop, construct, operate provided Zenzic and Atelier with the certainty of a successful outcome.”
Zenzic Capital chief executive Nadine Buckland said: “The UK student accommodation sector is underpinned by a number of highly attractive tailwinds, including growing student numbers, an acute shortage of high-quality supply and an inflation-protected income profile. By carefully selecting the right development partner, we are therefore confident of enhancing returns for our investors. We have already established a strong track record in the PBSA market, and this strategy enables us to increase our exposure to a sector that is one of our most compelling conviction calls.”
“As part of this strategy, we look forward to building on our longstanding relationship with Torsion through this joint venture as we work together to deliver a best-in-class, sustainable product that meets the needs of modern students.”
