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Crosslane Purchases Swansea Development

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

The student property team at Knight Frank have sold a development site in Swansea on behalf of NMJ Developments Limited to Crosslane Student Developments.

Situated in Swansea's Kingsway, the site comes with planning permission for purpose-built student accommodation and is the latest development announced in the joint venture between Crosslane and Harrison Street Real Estate Capital LLC.

The city centre site has permission for 307 student flats and is expected to become operational in time for the 2019-20 academic year.

The scheme consists of 281 en-suite bedrooms arranged in cluster flats and 26 individual studios.

Commenting on the sale, Rachel Pengilley, partner at Knight Frank Student Property, said: "Applications to Swansea University have grown by 60% over the past three years and in 2016, the University embarked upon an ambitious campus development programme, which included expanding the Singleton Park Campus and building a new state-of-the-art £450 million Bay Campus."

"Demand for purpose-built student accommodation in the city remains high as it supports the University in its growth ambitions, whilst also freeing up more housing for local families and young professionals to rent."