UK: Investment agency Harris Associates with developer HUB and funding partner Bridges Fund Management have launched Shore Station – a 632-bed PBSA opportunity in Leith, Edinburgh.
The project is the largest single PBSA consent ever granted within the city. Harris Associates is seeking a forward funding partner for the scheme.
Comprising 42 per cent studios and 54 per cent clusters, alongside four per cent one-, two- and three-bedroom apartments, Shore Station will encompass new-build and refurbished existing structures around an external courtyard campus. Designed by Michael Laird Architects, the scheme is targeting a BREEAM Excellent certification.
The project will encompasses 698 square metres of internal amenity spaces, including study rooms and booths, resident lounges, entertainment areas, private dining rooms, cinema and gym. It will also feature 4,550 square metres of outdoor amenity spaces, representing more than seven square metre per bed, to include landscaped spaces, herb gardens and outdoor wellness facilities.
To be built on the site of the former Leith Railway Station, the scheme is ten minutes from St Andrew’s Square in Edinburgh city centre and 20 minutes from the University of Edinburgh via the newly extended tram line.
Jamie Harris, head of PBSA at Harris Associates, said: “Shore Station is the most exceptional opportunity Edinburgh has seen for more than a decade. HUB and Bridges have spearheaded an unparalleled scheme, which will set a benchmark for student living in the city – featuring extensive green spaces and carefully curated design to maximise the student experience. This is an opportunity for investors to enter Edinburgh at substantial scale; the type of which may never be seen again.”
Robert Sloss, CEO of HUB, said: “Edinburgh is one of the best student cities in the world, with fantastic universities and a brilliant lifestyle offering. It also has a clear need for more student accommodation, particularly of the quality that this scheme will deliver. Building on HUB and Bridges’ strong track record of delivering great places to live in strategic locations and with excellent amenities, Shore Station sets a new standard for student accommodation in the city.”
Edinburgh is struggling to cope with the undersupply of student housing, with current supply levels offering just one PBSA bed to every 3.52 students.
In 2022, there were a total of 64,255 students enrolled in higher education in Edinburgh set against a total of 18,238 beds and an average six per cent student population growth year-on-year.
Simon Ringer, head of property funds at Bridges Fund Management, said: “Bridges and HUB have a proud history of delivering high-quality, sustainable, lower-cost homes across the UK. With Shore Station, we are excited by the opportunity to transform this largely derelict site – minimising the embodied carbon of the scheme – into a thriving community of student housing, designed with extensive amenities and external green spaces that will promote better wellbeing and enhance the local area.”
