Successful topping out event for new 256 bed purpose-built student accommodation development, Stanhope House, Portsmouth, on track and on budget for opening September 2019

 

Crosslane Student Developments (“Crosslane”), part of the Crosslane Property Group, celebrated the topping out of its latest Purpose-Built Student Accommodation (“PBSA”) development in Portsmouth on 28 May 2019, which will open on time and on budget for the start of the 2019/20 academic year, following a tight construction timetable that began in October 2017. The new 256 bed scheme is Crosslane’s first development in Portsmouth with an expected gross development value of approximately £30 million upon practical completion.

 

The ceremony was conducted by the Lord Mayor of Portsmouth and the Lady Mayoress, Councillor David Fuller and Mrs Leza Tremorin, Lisa Timberlake, Senior Development Manager for Crosslane Student Developments and Neil Russell, Managing Director for the RGB Group. The event was attended by the team of agents, contractors and professional partners working on the project, as well as the Prime Student Living team – the student accommodation lettings and operational management arm of the Crosslane Property Group, who are responsible for achieving full occupancy prior to practical completion and will continue to manage the building thereafter.

 

The new 19-storey development called ‘Stanhope House’ is is one of the tallest buildings in the city and the topping out event represents a key milestone in the construction progress of this high-specification scheme. Conveniently located on the corner of Stanhope Road and Commercial Road in the city centre, the property is less than ten minutes’ walk from the main campus of Portsmouth University, within the central shopping district, surrounded by city centre amenities and opposite Portsmouth and Southsea train station and Victoria Park. Portsmouth is a vibrant and cosmopolitan port city with a student population of over 20,000, including a high proportion of postgraduates and international students.

 

Upon practical completion, the development will comprise of 138 studio apartments and 118 en-suite bedrooms in shared cluster-flats over 18 floors, providing impressive views across the city skyline and out towards the Solent, with a retail unit on the ground floor. Stanhope House will offer students a unique experience with high quality communal facilities across 15 floors, each of which will offer something different, from study spaces, a library and relaxing lounges, to a Karaoke room, TV room, games room and American diner style entertaining kitchen and dining facility for private dinner parties, celebrations and socialising. Students will also benefit from secure cycle storage and superfast 100Mbps broadband and Wi-Fi throughout the building to provide residents with a first-class experience.

 

Stanhope House is one of five new PBSA schemes by Crosslane within the recently announced Joint Venture (“JV”) with Harrison Street Real Estate Capital LLC. In addition to Coventry, the JV also includes new PBSA developments in Leeds, Coventry, Swansea and Cardiff, delivering a combined total of 1,685 beds and gross development value of approximately £180 million.

 

Lisa Timberlake, Senior Development Manager, Crosslane Student Developments, said:

“We are delighted to be working with the RGB Group on our Stanhope House development and pleased to be on track and on budget. This development in a prime location, will satisfy some of the rapidly increasing demand for student accommodation in Portsmouth, freeing up homes which could be occupied by the city’s families. Whilst this is our first development in the exciting and vibrant city of Portsmouth, Crosslane is also working with the RGB Group on a 391 bed student development in Cardiff, and we continue to explore other sites in Portsmouth to develop purpose-built student accommodation, helping to meet the growing demand for this type of student housing to ease the imbalance in supply and demand.”

 

The Lord Mayor of Portsmouth, Councillor David Fuller, said:

 

“I am delighted to be celebrating the topping out of Stanhope House, the first student accommodation property to be completed in Portsmouth by Crosslane. The building is one of the tallest in the city, providing students with amazing views across the city. Portsmouth’s lively and cosmopolitan atmosphere is popular with students and an attractive place to work and invest. With over 20,000 students from the UK and overseas, Portsmouth continues to see significant demand for quality student accommodation and I am thrilled Crosslane has chosen to invest in the city. In addition to meeting the team constructing the building, it was also delightful to become acquainted with the team from Prime Student Living who will be managing the building once complete and responsible for looking after those students lucky enough to choose Stanhope House as their home and I wish them the best of success.”

 

Neil Russell, Managing Director, RGB Group, said:

“We are delighted to be working with Crosslane on our first purpose-built student accommodation development we have constructed for them on what promises to be an exciting landmark building that will be a great addition to the Portsmouth skyline. The topping out ceremony is a key milestone in the project and we will continue to work collaboratively with Crosslane and the professional team to deliver the project, which is making excellent progress and will be completed to the highest modern construction standards on time and within budget for the start of the 2019/20 academic year.”

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