UK: Elite UK Real Estate Investment Trust (REIT) has received planning approval to convert a freehold property in Dundee, Scotland, into a 168-bed purpose-built student accommodation (PBSA).
The property, Lindsay House, is a former government building, valued at around £1.5 million as of December 2024.
Lindsay House is within walking distance of the University of Dundee and Abertay University, which had a combined student population of 16,165 during the 2023/2024 academic year.
Dundee market’s existing PBSA bed capacity is estimated to stand at 4,620.
The new PBSA facility is expected to be ready for occupation before the 2027/2028 academic year starts in September 2027.
Mark Findlay, director of development at Mys Asset Management, the operator engaged to manage Lindsay House’s development said that the redevelopment is a “timely addition” given the short supply of affordable PBSA in Dundee.
Joshua Liaw, chief executive officer of the manager at Elite UK REIT said: “This redevelopment of Lindsay House will significantly transform the currently vacant property into a resilient income-generating asset and strengthen the Reit’s intrinsic value.”
Highlights:
– Elite UK REIT has received planning approval to convert Lindsay House in Dundee into a 168-bed PBSA facility.
– The former government building is valued at around £1.5 million as of December 2024.
– Lindsay House is within walking distance of the University of Dundee and Abertay University.
– The facility is expected to be ready for occupation before September 2027.
