Hines has acquired a new 260-bed PBSA development at Gas Lane in Bristol on behalf of the Hines European Property Partners Fund (HEPP). The agreed sale will represent the first transaction between Hines and Watkin Jones.
A new student housing supply in Bristol is set to be completed before the start of the 2025/26 academic year. It will provide 219 ensuite cluster bedrooms and 41 self-contained studios along with a landscaped roof terrace. The site is located near the University of Bristol’s Temple Quarter Enterprise Campus and Bristol Temple Meads train station. Gas Lane will be managed by aparto.
Jorge Duarte, senior managing director and fund manager of HEPP said: “The creation of class-A student living schemes in our preferred markets is a high-conviction investment theme for us, and we’re delighted to have secured another asset in a prime location. The number of students going into education has grown exponentially, and the undersupply of purpose-built student housing in the UK is well documented. Schemes like this one provide the opportunity to play our part in building the PBSA that the UK desperately needs while seeking to deliver real value to our investors.”
Alexandra Gumuchian, director at Hines UK, said: “This acquisition gives us the opportunity to transform a dormant brownfield site into a well-connected, highly-amenitised asset to the community. The UK’s higher education system is the envy of the world, and we are proud to have Hines UK play our part in creating another student living space that lives up to that global reputation.”
The scheme will target BREEAM Excellent, alongside WiredScore Silver. It plans to feature over 80 bicycle parking spaces, biodiverse roof areas, integrated bird and bat boxes and wildlife friendly landscaped areas. At least 80% of non-hazardous and demolition waste generated throughout the construction lifecycle are planned to be re-used or recycled.
George Dyer, Group Investment Director at Watkin Jones, said: “We are delighted to be working with Hines on this exciting opportunity. Bristol continues to be one of the UK’s leading PBSA markets with two high-performing institutions. This scheme will play a key part in helping to address the ongoing shortage in student accommodation, and I’m pleased that Watkin Jones is bringing forward much-needed modern PBSA, offering strong ESG credentials to this vibrant student city.”
HEPP were advised by Simmons and Simmons, Watts, Arup and Savills. Watkin Jones was advised by Mishcon de Reya.
Image provided by FTI Consulting.
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