Cookstown based building firm McAleer and Rushe is currently working on an extensive £100m student accommodation project in Bournemouth and Portsmouth.
McAleer & Rushe has entered into an agreement with Knightsbridge Student Housing to deliver 1,600 student beds.
Knightsbridge Student Housing is led by Bob Crompton, who was the former CEO of student provider Victoria Hall. He has stated Knightsbridge’s intention is to rapidly build up an £1bn portfolio. It has already some 6,500 beds currently operational and almost 10,000 beds at varying stages of planning, design and construction.
The first phase of the Portsmouth scheme, on Stanhope Road, will see the former landmark office, Zurich House, converted to provide 400 student beds, with a purpose built second block housing a further 600 students.
McAleer & Rushe Project Development Director Graham Mitchell said: “McAleer and Rushe has ambitious targets for student housing construction, which is a very logical extension for us.
“We are delighted to be working with Knightsbridge and look forward to working together on other projects. “This deal unlocks the regeneration of important sites in Bournemouth and Portsmouth, and is an important vote of confidence in the economic recovery of both cities.”
The deal is a significant milestone for McAleer & Rushe which has established a strong foothold in the student market. It is set to deliver 7,500 student beds over the next five years and is also currently under contract to deliver two schemes for UNITE plc - a 750-bed scheme for in Stratford, London, and a 700-bed scheme in the North East of England.
Planning submissions are targeted for early 2015 which would see construction work begin in summer 2015 with delivery of the first phase in Q 2016 and the second phase in 2017.