Olympian Homes and Housing Growth Partnership have formed an equity Joint Venture (JV) to deliver a 790-bed Purpose Built Student Accommodation Scheme in Nottingham city centre.
The scheme, known as Forest Mill, has a Gross Development Value of c. £120m and includes 19 affordable homes with the 790 beds spread across three buildings. Features will include a Café & Co-Working Space, games area with table tennis, air hockey, fussball, shuffleboard, private dining, gym, yoga studio, cinema room, gaming booth and a garden terrace.
James Lindridge, Development Director at Olympian Homes, said: “We are thankful for the pragmatic nature of Nottingham City Council in supporting our vision and addressing the supply/demand imbalance of PBSA and affordable homes within Nottingham. We look forward to commencing works onsite, engaging with local stakeholders and contributing to Nottingham’s ambitious growth plans. The transaction is our second Olympian PBSA funding completion of 2023 and demonstrates the high level of investor confidence in the UK PBSA sector despite the turbulent macro-economic backdrop. We have enjoyed working with HGP and believe this will be the start of a strong, long-term partnership.”
Located on Alfreton Road, the site is just a 13-minute walk from the Nottingham Trent University campus, a 12-minute bus ride from the University of Nottingham Jubilee Campus and a 16-minute walk from the city centre.
The site adjacent to the PBSA blocks will see the delivery of the 19 high quality affordable homes. The three-bedroom family homes will contribute to the Council’s housing delivery targets and crucially provide accommodation for residents on low incomes.
The site was acquired in September 2021, with Olympian securing planning in June 2022. RG Construction has been awarded the build contract for the PBSA element and Tanbry Construction the affordable housing element. Enabling works began in July 2023 and main construction started in December 2023, with completion scheduled ahead of the 2025/26 academic year.
