Sladen Estates and Peveril Securities are to build purpose-built state-of-the-art student accommodation in Southampton, comprising 525 bedrooms.
The former B&Q site was sold to Sladen Estates and Peveril Securities for £6.4 million.
The site on Portswood Road is close to the University of Southampton campus. Prior to the sale, Hermes Investment Management and Sladen Estates had jointly secured planning consent for a student accommodation development.
The site will be developed in line with the planning approval to create a new, purpose-built student accommodation building, comprising 525 bedrooms spread across 80 individual flats and 103 separate studio rooms.
Head of student accommodation at Sladen Estates, Charles Fish, said he is delighted that work is underway on this flagship student accommodation project.
He said: “This is a very exciting project and our architects, Church Lukas, have produced high quality designs for the new buildings and landscaping plans for the site, which fit perfectly with the existing surroundings and will create a metropolitan and homely environment for the students. The development will be built by Bowmer and Kirkland who are the main contractor for the project.
“Southampton needs new, state-of-the-art student accommodation and this project is going to deliver on all counts. We are very excited to bring the ambitious and creative designs to life.”
“As well as the accommodation, the site will also include the associated communal facilities including a gym, movie room, quiet spaces, cycle storage areas, parking spaces and two retail units. Vehicular access will be retained from Mayfield Road.”
The project is set to be completed by the summer of 2017, with the first students moving into the new accommodation in September 2017.