Abode Student has unveiled plans for the £80m development of two purpose-built student accommodation (PBSA) schemes in the centre of Birmingham and Nottingham, with a total 525 beds.
Abode has appointed property adviser Christopher Dee to approach the funding market for investment in the Leatherworks scheme in Nottingham, which will have 208 beds and an investment value of £29.8m; and the Wireworks scheme in Birmingham, with 317 beds and an investment value of £49m.
It has panning consent for both schemes and aims to start construction in November, with both developments scheduled to open in time for the 2028-29 academic year. Rents will start from £175 per week in Birmingham and £198 per week in Nottingham.
Abode said it was seeking further sites across Russell Group university city centres, including Manchester, Sheffield, Leeds and Bristol, with the firm’s founder, Ahsley Ladson, calling Manchester “a natural next step” due to city’s 86,000 student population.
Ladson added: “We understand the occupier market. Students and their families are making careful financial decisions. They need accommodation that’s accessible, but also supports wellbeing and creates community. Good design doesn’t mean expensive, it means thoughtful specification that works hard and lasts longer.
“London is saturated. The real opportunity is in regional markets anchored by Russell Group universities. Birmingham and Nottingham offer better yields, lower entry costs and students who value location over luxury. Our sites are within walking distance of major campuses, because that’s what students prioritise.”
Abode is targeting BREEAM ‘Excellent’ and EPC ‘A’ certifications for the schemes, which will have sustainability elements such as air source heat pumps, rainwater harvesting, biodiversity net gain features and green travel infrastructure.
Meanwhile, earlier this month, a joint venture backed by affiliates of HIG Capital secured an £80m loan from Affinius Capital to refinance PBSA schemes Fabric Works in Leeds and the Sail Works development in Lancaster.
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