NEWS & EVENTS

05/05/2011

Powell Williams appointed to £40m development project

Powell Williams has been appointed to oversee the development of a £40m student accommodation scheme in Cambridge. The practice has been selected to monitor the development of the 140,000 sq ft 'cb1' project by LaSalle Investment Management which is forward-funding the project.

The scheme, comprising 511 bedrooms across three buildings, is being delivered by developer Brookgate, for lease to Anglia Ruskin University.

The development monitoring team from Powell Williams' London office will be responsible for ensuring standards and overseeing construction progress, enabling the drawing down of funds over the 18-month term of the project. The forward funding arrangement will see LaSalle take ownership of the three buildings upon completion, on behalf of an institutional client.

Andrew Marshall, lead partner for Powell Williams London, said: "The growing requirement for high quality student accommodation shows no sign of waning and demonstrates how this one area of the market is booming.  LaSalle's forward funding of this scheme is further demonstration of the way investment funds are filling the gap left by the banks."

John Yeend, director of LaSalle Investment Management, added: "This project offers a unique opportunity to participate in the reinvigoration of this part of Cambridge through the development of new facilities for Anglia Ruskin University, alongside the wider development of new homes, hotels, shops, offices and public spaces.

"We are pleased to have agreed the purchase with Brookgate and appointed the team from Powell Williams to manage the development on our behalf."

Cambridge Student

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