Powell Williams appointed to ÃÂ£40m development project
Powell Williams has been appointed to oversee the development of
a ÃÂ£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 scheme, comprising 511 bedrooms across three buildings, is
being delivered by developer Brookgate, for lease to Anglia Ruskin
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.
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
"We are pleased to have agreed the purchase with Brookgate and
appointed the team from Powell Williams to manage the development
on our behalf."