£50m PBSA Scheme in York to be Delivered by GMI Construction

GMI Construction is set to deliver a bespoke student accommodation project in York, with a total value of £50 million. The development will feature a four-story building housing 275 student beds, in addition to various amenities including a gym, yoga studio, games room, cinema, co-working space, and communal dining areas.

Spanning 7,400 square meters, this project, named the "Rialto," pays tribute to the former cinema and bingo hall that once occupied the site between 1913 and 2003, before its demolition in 2022.

GMI Construction announced (18 October) their intent to commence construction work in the upcoming weeks for their client, Olympian Homes, pending the completion of archaeological surveys.

Andrew Hurcomb, GMI's regional director for Yorkshire, emphasized the significance of this venture, stating that the Rialto project would make a valuable contribution to addressing the growing demand for purpose-built student accommodation in York.

GMI has collaborated extensively with Olympian Homes and their experts to create an affordable, eco-friendly design during the preconstruction services phase.

Olympian Homes secured a £150 million investment from real estate investor Cain Capital to support the Rialto project and another ambitious 45-story tower in Leeds, boasting 660 student flats, currently under construction by RG Group.

It's noteworthy that GMI Construction is concurrently engaged in another student accommodation scheme in York, encompassing 303 beds within a four-story structure.

In their most recent financial reports, GMI disclosed a substantial growth in turnover, which surged from £121 million the previous year to £360 million. However, the company also reported a pre-tax loss of £2.2 million. In an effort to secure more projects in the region, the firm relocated its North East division to a larger site in Stockton-on-Tees in March 2023.