Developer Watkin Jones has announced it has forward sold its Glasgow development to a new institutional investor for an undisclosed fee.
The development, which will be used for student accommodation is situated on a 1.07 acre plot in Glasgow's city centre and is located near universities, Strathclyde and Glasgow Caledonian and City of Glasgow college.
Construction on St Mungo Avenue is due to be complete in August 2018 in time for the 2018/19 academic year. Consisting of 349 beds, once finished it will take the total number of beds delivered by Watkin Jones to over 3,000 since 2011 across six sites in Glasgow.
Chief executive Mark Watkin Jones, said: "With three main universities in Glasgow servicing more than 65,000 higher education students there is significant demand for accommodation within the city. The demand for purpose-built student accommodation is higher than levels seen at comparable UK university cities."
In addition to the 349 beds, St. Mungo Avenue will come equipped with a cinema room, two common room areas, a gym and roof terrace.
Since 1999, Watkin Jones has delivered more than 31,800 student beds across 98 different sites in the purpose-built student accommodation market.