Bouygues Development and housing provider Derwent Living get go ahead for £65m accommodation project
The Uliving Consortium, made up of Bouygues Development and housing provider Derwent Living, has reached financial close on a £65m student accommodation scheme for the University of Essex.
Bouygues UK has been appointed as the design and build contractor.
The scheme comprises the construction of 648 new student units - and the transfer of 766 existing units, for which Uliving will provide the University a capital receipt.
Uliving will manage the entire 1,414 dwellings over a period of 50 years, starting from 2013 when the entire student complex will open.
Bouygues Development, Derwent Living and Equitix are the equity providers for the scheme and Aviva Commercial Finance is the senior lender.
The new build part of the scheme - known as The Meadows - was designed by Lewis & Hickey architects and comprises 12-bed town houses accommodating 228 students and a further 420 en-suite study bedrooms in clusters, along with a pavilion that will house a student common room, a launderette and a retail facility.
The construction has commenced on the site adjoining Boundary Road which forms part of the University’s major Knowledge Gateway development.
The Meadows will be the first development on the site, which has been created so that small businesses and blue chip companies can benefit from close links with the academic community and research facilities.
Derwent has been appointed as the Facilities Management contractor and will start delivering services in July 2013.