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Funding Secured for York Development

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Maple Grove Developments, working in partnership with Yorvale, have completed a forward funding deal with iQ Student Accommodation to deliver a 98-bed scheme in York.

The completed development will have a value in excess of £9m and will be located on a former 0.33-acre industrial site just off Redeness Street.

The development was acquired from York Motor Factors, with planning permission secured for the scheme in December last year.

The new residence will act as an extension to The Brickworks, which opened in September 2016. Phase one was developed by Maple Grove Developments and Eric Wright Construction and consists of 326 student bed spaces.

As part of the deal, York Motor Factors will be allocated with parking on the ground floor of the new development to support its existing depot.

Commenting on the transaction, Karen Hirst, managing director at Maple Grove Developments, said: "The redevelopment of this site contributes to the ongoing regeneration of York's Layerthorpe area. We have developed a good working relationship with all of the partners involved in this project and we are now focused on delivering another high-quality scheme which will help to fulfil the student housing need in the city."

"We will commence the enabling works over the next couple of months. Start on site by Eric Wright Construction is scheduled for May which will enable us to achieve practical completion by July 2020, in good time for the start of the academic year."