New Student Accommodation Project Takes Shape in Dundee as IPIM and Maven Join Forces
Date : 20th November, 2023
- IPIM and Maven Capital acquire site for new 189-bed PBSA in Dundee
- £30 million project cost
- It will feature a 7-storey building with studios and amenities
- Construction starts in 2024, and completion anticipated in 2026
- Centrally located near universities and transport links
- Partners have developed 8 UK PBSAs together, totaling 1,366 beds
- IPIM and Maven have developed 23 UK PBSAs totaling 3,688 beds worth £446 million
- Maven is currently developing a 152-bed PBSA Hessian in Dundee
- Dundee only has 3,900 purpose-built beds for 17,100 students currently
News in details:
Experienced purpose-built student accommodation (PBSA) investors IP Investment Management (IPIM) and Maven Capital Partners have acquired a 1,500 sqm site on Marketgait in Dundee city center for a new 189-studio development estimated at £30 million.
The central site, formerly occupied by a petrol station, will be redeveloped into a 7-storey PBSA facility. In addition to the 189 high-quality studios, amenities will include a student hub, gym, cinema room, dining area, and courtyard. Construction is slated to begin in 2024, with completion in 2026.
The location provides easy access to the University of Dundee, Abertay University, Dundee Rail Station, and local shops. The project will be built to BREAAM “Very Good” sustainability certification standards.
For IPIM and Maven Capital, this marks their 9th student accommodation collaboration in the UK, totaling 1,555 beds worth approximately £476 million. Recently, Maven started construction on another Dundee asset called Hessian, with 152 studios.
The new Marketgait site represents the first acquisition for IPIM’s new £40 million PBSA investment fund focused on the undersupplied UK student housing market.
With only 3,900 existing beds for Dundee’s student population of over 17,100, purpose-built accommodation is still a challenge, with 77% still needing access. Given supply constraints, the partners believe the development will be in high demand.
The deal leverages IPIM and Maven Capital’s extensive PBSA experience and demonstrates the resilience of UK student housing assets despite economic headwinds. Delivering modern, amenity-rich student living spaces remains a strategic priority.