A Scottish property developer is expanding its portfolio of property developments in a bid to tackle the shortage of Dundee’s student housing.
Crucible Developments has been operating from its headquarters in Ayr since 2010, working on commercial and residential projects across Scotland and the North of England.
In 2022, the business bought a 75,000 sq ft plot on the corner of Dundee’s Nethergate and West Marketgait. Due to the lack of student housing in the city, the business decided to use 700 sq m of the space to build private student accommodation.
While Crucible Developments was able to fund the initial £3m to begin the project, an additional £4.1m development loan has been secured through Bank of Scotland to help complete the construction - which is due by this December.
The plot is located close to University of Dundee and Abertay University and will offer 55 en-suite rooms for students, along with bike storage, communal kitchen facilities and two retail units.
Brian Robinson, director at Crucible Developments, said: “The student housing shortage in Dundee has reached a critical point and we are very pleased to be able to play a part in solving this issue.
“When students left their accommodation during the Covid-19 pandemic, many landlords who would normally rent to students turned to longer-term letting, leaving a housing shortage when students returned to the city.
“Working with Bank of Scotland has enabled us to ensure that we can continue on this trajectory and bring housing to those who need it as quickly as possible.”
Grant Fraser, relationship director at Bank of Scotland, added: “Dundee has reached an unprecedented student housing demand, with rental room prices soaring 33% within the last year.
“This is an issue that needs urgent attention, so we are proud to be supporting Crucible Developments in their latest project that will bring much needed relief to a strained housing system.”
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