BAM Properties has formed a joined venture with specialist developer Connislow to pursue opportunities in the student accommodation market, boost the trades and create new jobs.
The first BAM Connislow development is on site in Ainsley Street, Durham and the joint venture has other potential projects under consideration in key locations throughout the UK.
David Cotton, BAM’s Business Development Director says: “BAM has a thorough understanding of the University sector. We have built more than 100 university faculty and accommodation buildings in the past ten years and we understand that competition to attract the most talented students is global.
“The availability of quality student accommodation, especially for post-graduate and international students, is an important factor for universities. BAM acted as Connislow’s principal contractor on an accommodation scheme in Green Lane Durham. Our excellent collaboration on that project led to the formation of the joint venture.”
John Parkinson, Managing Director of the BAM Connislow JV, says: “The joint venture will focus on developments in university towns where future supply is constrained by land availability, historic factors and planning policy.
“Our developments are likely to appeal to funding partners who wish to pursue a longer-term investment strategy and who are attracted to the prime, scarce nature of the developments.”
BAM Connislow’s first project, a development of 223 units at Ainsley Street, Durham is now on site and will be completed in time for letting for the 2014 academic year.