Private equity and property manager Maven Capital Partners has purchased The Courthouse Apartments, a purpose built student accommodation (PBSA) development in the heart of Dundee. The property is now undergoing a £6.7m complete internal refurbishment, resulting in a superior 116-bed development. Reopening under the name of Marketgait Apartments, the show flat is now open and the accommodation will be ready in time for the start of the 2016/17 academic year.
Despite boasting around 15,000 full time students, Dundee has only 48 individual studios available to rent across the current available accommodation. Marketgait will almost treble this number, tapping into a segment of the market which demands higher quality specifications but is significantly undersupplied.
Originally built in 2007, the complete overhaul and reconfiguration of the internal structure of the building will create 94 studio apartments, 22 en-suite bedrooms spread across four flats, and a resident’s common room. Maven have appointed Collegiate as the property manager. The transaction has been supported by development finance from RBS.
The building occupies a prime position in the centre of Dundee and is located only a short walk from both the University of Abertay and Dundee University.
Colin Anderson, Investment Director at Maven, said: “Dundee is a strong university location with one of the most acute shortages of purpose built student accommodation in the country. Maven is delighted to be making this significant investment that will greatly enhance the quality of the city’s accommodation provision thus playing its part in helping the universities attract and retain the best students from the UK and indeed further afield.”