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Olympian Homes Agrees Forward Funding Deal

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Olympian Homes has agreed a deal to forward fund the development of student accommodation in Leeds and Coventry.

The developer has completed the deal with a gross development value of £194m with iQ Student Accommodation.

Olympian Homes purchased Hume House in Leeds, with construction work on transforming the site into 752 student bedrooms already underway. The development is due to be completed in 2021 and will mark iQ's third scheme in the city.

Olympian Homes has also snapped up land along Lamb Street in Coventry and plans to build 1,200 student beds. The huge development will consist of three buildings and will be delivered across phases.

The first phase will comprise 832 beds and includes a 20-storey tower on the junction of Bishop and Lamb Street, with the residence due to open in time for the 2020-21 academic year.

Commenting on the deal, Simon Murray-Twinn, chief executive of Olympian Homes, said: "We are extremely proud to have iQ Student Accommodation as our partner for the projects and have worked closely together in partnership to design two very bespoke buildings that are unique and tailor-made to each market."

"We are looking forward to creating an iconic building in each city, both of which are centred on iQ's philosophy to put the student experience at the forefront of design and living."

Iliya Blazic, chief investment officer at iQ Student Accommodation, added: "We are delighted to have completed this deal with Olympian."

"Leeds and Coventry are both vibrant student cities which have seen demand for university places grow in recent years."

"This will be our first scheme in Coventry, and third in Leeds, further investing in these key student growth markets and bringing a range of high-quality, well-located accommodation to students."