Student homes construction project underway

Construction work has started on a plan to convert former council offices in the heart of Lancaster into a £14.3m student accommodation development.

Construction group Robertson North West has started work on the project to transform St Leonard’s House, a grade II listed building.

A ground-breaking ceremony marked the start of construction on the project, which is due to complete in time for the 2019/20 academic year.

The development will create 179 student accommodation bed spaces and was granted planning and listed building consent last February.

 

Developers say there will be a combination of self-contained studios and en-suite cluster rooms, along with extensive facilities including a communal kitchen, recreational area and a gym.

Robertson North West’s sister company Robertson Property provided the funding deal.

Knight Frank Investment Management (KFIM), has forward-funded the development under its investment management mandate with Lancashire County Pension Fund, which is part of the pooled Local Government Pension Scheme investments managed by Local Pensions Partnership.

The property has been forward-funded on the basis of a completion value of £14.3m, which reflects a net initial yield of six per cent.

Ross McNulty, development director at Robertson Property, said: “This project will revitalise this historic building by retaining many of its original features.

“With a high student population, in Lancaster, this building will provide a high quality of accommodation and improve the city’s student accommodation offering.”

The main construction works involve the removal of the internal structure to the stone building, replacing structural elements with a new steel frame and the installation of new timber floors.

The concrete building will be stripped back to structure to allow the remodelling works to commence.

A new floor will be added to both buildings by removing the existing clerestory roof and by adding a lightweight steel structure in its place.

Included within the fit out works are the construction of specific plant areas, three lifts, recreational areas, and several kitchen areas to service clusters of bedrooms. Dirk Pittaway, managing director of Robertson North West, said: “The St Leonard’s House development will make use of our range of capabilities, due to the different technical aspects of the build.”