Osborne deal to start £70m Southampton student halls job

Aaron Morby 10 years ago
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Geoffrey Osborne is due to start construction of the large Mayflower Plaza student halls scheme in Southampton early in the New Year.

Terrace Hill and its joint venture with Osborne’s development arm exchanged conditional contracts with Legal & General Property for the forward funding and sale of its 1,104 rooms student development last week.

The planned Mayflower Plaza project is estimated to be worth £70m to build and will see three accommodation blocks from 8-16 storeys tall built for student from the University of Southampton.

Terrace Hill gained planning planning for the scheme back in 2008, but the development stalled in the recession.

How the finished student accommodation scheme will look
 

The V-shaped site off Commercial Road has stood empty since the 1980s and was demolished in 2003.

Philip Leech, chief executive of Terrace Hill, said: “Our student accommodation development at Mayflower Plaza is an extremely attractive, high quality scheme in a city with a large student population, let to a very strong tenant in the University of Southampton on a long lease.

“These factors underline the institutional quality of the asset, which has allowed us to secure the forward funding and sale of the property to Legal & General Property.”

Gordon Aitchison, Director of Investment and Development at Legal & General Property, said the deal was the third major funding of student accommodation this year.

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