Downing plans $145 million student accommodation schemes in UK
UK-based property developer Downing Developments has announced plans to build two student residential schemes in Cambridge and London, which together sum to £90 million ($145.29 million).
The two new developments will together provide accommodation for 770 students. The projects will be developed on a 0.56-acre site in Acton, West London; and three plots within Brookgate’s CB1 masterplan in Cambridge.
The Acton scheme involves development of 80,000 square feet of space built across two, seven storey buildings. With a price tag of £25 million ($40.32 million), the project involves construction of 184 studio apartments and ground level retail space on both the buildings.
The scheme also involves development of two new community parks, namely a pocket park and a biodiversity park. Construction on the scheme will incorporate several sustainable elements and is targeted for BREEAM Excellent rating.
The project will benefit from its proximity to the North Acton tube station, which will foster usage of sustainable means of transportation. Construction is scheduled to begin in May 2012 and is likely to be completed by September 2013.
The CB1 scheme involves development of £65 million ($104.83 million) scheme, which will offer space for 586 studenssst. To be built across three new buildings, the property will have a total area of 182,279 square feet. The residential units will be a mic of clusters and studios. Construction on scheme will begin in early 2013.
