Build contracts for the schemes were signed in March 2020, taking it nine months to go from breaking ground to topping out, despite being amid repeated lockdowns.
Southern Grove — Future Generation’s parent company — and its equity partner, Bahrain-based Tadhamon Capital, financed construction works with JV equity between March and November 2020, with development debt from senior debt lender Maslow Capital, commencing this month.
Luxurio in Loughborough, and The Vantage in Nottingham, have GDVs of £51m and £54m, respectively.
Its third PBSA development in Guildford, Surrey, named Guilden Park, is its largest scheme to date, with a GDV of £115m.
All three projects account for 1,476 beds between them.
It was revealed that construction company McAleer & Rushe faced “huge obstacles” as it tried to keep all three builds on track.
The firm had to negotiate a six-week shutdown of the sites during the first lockdown, disruption to the supply chain, and far-reaching social distancing measures upon their return as they aimed to get the schemes back on schedule for the start of the 2021 academic year.
The firm also had to change its procurement regime so that supply chains ran faster, held daily project management meetings to accelerate the pace of construction, and change the procedure for design approvals.
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Andrew Southern, chairman at Future Generation and Southern Grove, said: “People throw the word ‘teamwork’ around, but we’re going to need a new entry in the dictionary for what it meant for us this year.
“We’ve dealt with everything the pandemic could throw at us; keeping three schemes of this size on track was no small achievement.
“We’re incredibly proud of our team and very impressed by the commitment and resourcefulness McAleer & Rushe has shown in adapting to a difficult commercial environment.
“These schemes have gone up so fast they rival modular building solutions for pace.
“We exit 2020 feeling very confident in our pipeline and looking forward to welcoming students to all three projects next year.”
Dominic Trainor, contracts director at McAleer & Rushe, commented: “There have certainly been several obstacles to overcome this year and our team have shown great determination to get us to where we are today.
“None of it would have happened, though, without a level of collaboration that I’ve never experienced before.
“Full credit goes to Andrew and his team for going to extraordinary lengths to assist us in finding solutions at every turn and, of course, I’m incredibly proud of our own team who proved equal to the challenge.”
Hesham Al Gassab, executive director at Tadhamon Capital, added: “Our development partner and contractor deserve huge congratulations for overcoming the significant headwinds that threatened the sector this year.
“If anything, their ability to stick to the critical path that will see these projects delivered on time has underlined our faith in the strength of the PBSA sector and the UK’s ability to deliver it.
“Future Generation remains on track to complete more than 2,000 student beds next summer, and our overall investment attitude to student accommodation in the UK remains one of overriding confidence.”
Pictured above: Andrew Southern, chairman at Future Generation, was joined by Dominic Trainor, contracts director at McAleer & Rushe, and Hesham Al Gassab and Sami Saeed, both principals at Tadhamon Capital, for topping out ceremonies at the company’s projects in Nottingham and Loughborough on 1st December.