Planning permission has been granted for a new £43.5m student accommodation on Kirkstall Road in Leeds.
- The development is a joint venture between Torsion Group and Zenzic Capital, featuring 205 studio rooms and extensive communal facilities.
- Funding for the project is secured through Atelier, marking another collaboration among the stakeholders in the UK’s PBSA sector.
- Torsion Construction will undertake the building works, with Torsion Developments managing the project delivery.
- The scheme caters to a growing demand for high-quality student living spaces, integrating sustainable features and modern amenities.
The £43.5 million project on Kirkstall Road in Leeds marks a significant milestone in the collaboration between Torsion Group and Zenzic Capital, initiated in January. This purpose-built student accommodation (PBSA) will include 205 studio rooms distributed across ten floors, highlighting a substantial investment into the student housing sector. The development is designed to offer more than just living spaces; it includes communal areas, roof gardens, a gym, social lounges, cycle storage, and dedicated study spaces, ensuring a holistic living experience for students.
Senior debt financing for the Kirkstall Road scheme is managed by Atelier, a specialised finance company, continuing the financial synergy seen in previous projects across Northern England and the Midlands. The successful funding arrangement underscores the confidence financial entities have in the PBSA sector, especially with Torsion Group’s proven track record in delivering such projects.
Torsion Construction is set to lead the construction efforts while Torsion Developments oversees the management of the project. The seamless integration of these roles illustrates Torsion’s comprehensive approach to development, from initial design through to completion and operation by Luna Students, yet another Torsion entity. According to Dan Spencer, CEO of Torsion Group, the project exemplifies their strategic partnerships with leading financial institutions to execute high-quality developments amidst challenging market conditions.
The demand for student accommodation in the UK is underpinned by increasing student numbers and a shortage of quality housing, explained Nadine Buckland, CEO of Zenzic Capital. This strategic venture aims to enhance investor returns while addressing the need for modern, sustainable accommodations tailored to today’s students. Buckland emphasised the long-standing, successful relationship with Torsion, reinforcing confidence in the delivery of this development.
The Kirkstall Road scheme represents a forward-thinking initiative responding to the evolving needs of the student accommodation market.
