US alternative investment manager Harrison Street has joined forces with UK student housing platform Torsion Developments to develop a 297-bed, five-story, purpose-built student accommodation (PBSA) scheme on Traffic Street in Nottingham, UK.
The building will consist of a variety of en-suite cluster beds and studios with high-end amenities including a lounge area, gym, game room, study zones, and garden. The development is situated within walking distance of Nottingham’s city center.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said, ‘We are excited to invest in a high-quality student housing project that will deliver much needed accommodation to Nottingham’s steadily growing student population. The development is well situated on Traffic Street and will address a significant demand for top-tier purpose-built student housing with high-end amenities driven by the impending influx of students to the University of Nottingham’s refurbished city center campus. We are deeply familiar with the Nottingham market through our life sciences investments that serve both research universities. We look forward to expanding our partnership with Torsion to identify additional attractive opportunities in leading university cities that generate value for our investors and partners.’
Traffic Street is the third joint UK PBSA development for Harrison Street and Torsion following the August 2020 closing of Pine Mill, a 361-bed student housing development in Lincoln, and the November 2020 closing of Curzon Circle, a 290-bed PBSA development in Birmingham. Including the Nottingham development, Harrison Street and Torsion’s portfolio now comprises 948 beds across three sub-markets in UK student housing.
Harrison Street and Torsion plan to increase the venture’s total portfolio size to more than 2,000 beds through several more development deals.