A valuable opportunity for purpose-built student accommodation (PBSA) has surfaced in the Temple Quarter area of Bristol, as a prime development site has been officially put up for sale. Spanning 1.063 acres, the Freestone Island freehold site is strategically located directly across from the University of Bristol’s Temple Quarter Enterprise Campus (TQEC). Notably, the site has completed demolition and is fully implemented and remediated, enabling the new owner to commence construction without delay.
The Development Plans
The consented scheme for this site includes an impressive provision of six self-contained studios and 494 ensuite cluster rooms distributed across three blocks. Additionally, the project will feature approximately 4,800 sq ft of commercial space on the ground floor, enhancing its appeal for both students and local businesses. On-site amenities will significantly enrich the student living experience, incorporating a gym and studio, a cinema with a karaoke booth, multiple study areas, communal lounges, and four external courtyards designed for social interaction.
Future Prospects
Currently, there is a Section 73 minor amendment application in progress, which seeks to increase the total bed spaces to 518, alongside exploring alternative configurations of studios and cluster rooms. This flexibility in planning provides prospective developers with the chance to tailor the project to market demands, further enhancing its attractiveness.
Market Insights
Nic Rumble, senior director at CBRE, the agency responsible for marketing the opportunity, remarked on the rarity of such a well-located, consented PBSA opportunity in Bristol. He stated, “It’s extremely rare to be able to offer such a well-located, consented PBSA opportunity that is immediately ready to commence construction in Bristol. The demolition has been completed, the site is remediated, Gateway 2 approved, and even part of the CIL payments have been paid.”
Rumble further emphasised the significance of the site’s location, noting its proximity to the new university campus amidst the UK’s largest regeneration project. He added, “This is as build-ready as you can get. Couple that with a super-prime location directly opposite a brand new university campus, in the middle of the UK’s largest regeneration project, and you have a site that we hope will be of interest to the development markets.” The persistent demand for student accommodation in Bristol underlines the strategic importance of such developments, making this site a compelling investment opportunity.
Sale Process and Opportunities
The property is currently being offered for sale through informal tender, with CBRE open to considering alternative proposals in line with the ongoing Section 73 application. This could include forward funding arrangements or joint venture structures, thereby accommodating various investment strategies.
The presence of a well-structured, immediately actionable PBSA opportunity in such a sought-after location underscores the ongoing vibrancy of the UK PBSA market. Developers and investors looking to capitalise on the robust demand for student accommodation in Bristol should take note of this exceptional offering.