York-based developer S Harrison has agreed a forward funding deal with Singapore’s Q Investment Partners (QIP) to build two major new purpose-built student accommodation (PBSA) schemes in Edinburgh.
S Harrison Developments secured planning permission in late 2022 for the two schemes on East Newington Place, off Newington Road, and a second scheme within Canongate, just behind the Royal Mile. The two developments will offer a total of 141 studio rooms, along with amenity space.
Contractors are expected to be appointed soon.
The total forward funding deal for the two properties is worth £33m.
These Edinburgh developments mark S Harrison’s second deal with QIP, with the Singapore backer also forward funding one of the developer’s York PBSA schemes that GMI Construction is currently building. [See previous report here.]
In Canongate, S Harrison has secured planning permission for the partial demolition of existing buildings and the delivery of 76 studio rooms. The site is opposite the Holyrood Campus of Edinburgh University.
The East Newington Place development has seen an abandoned commercial unit demolished and the site will now be redeveloped into a four-storey building with 65 studio rooms. East Newington Place is close to the main city centre campus of the University of Edinburgh.
S Harrison director David Clancy said: “We were keen to grow our relationship with QIP after working with them on our York development, and they quickly recognised the excellent opportunity our Edinburgh sites offer and we are delighted to have concluded these deals with them. Both schemes are very well designed and in highly sought-after locations really close to the university, which will make them extremely popular with students.
“Construction work at East Newington Place will start in the coming months, with the scheme complete and ready for the 2025 student intake. We also expect demolition work to begin imminently at Canongate, with the development ready to open for the start of the 2026 academic year.”
These latest schemes bring QIP’s UK portfolio to its 11th asset to date and its fourth in the Edinburgh PBSA market. The company first entered the Scottish PBSA market in 2019, acquiring a 198-bedroom site on London Road, known as Straits Meadow.