Derwent FM has signed a 21-year deal to deliver facilities and accommodation management at a 175-bed student property in Glasgow.
The firm has signed a contract to manage student accommodation at 235-241 Dumbarton Road in Glasgow. The contract, which will be undertaken by Derwent Students, Derwent FM’s student accommodation division, is the firm’s first contract in Scotland.
Parent company, Derwent Living, has agreed a lease with the scheme’s developer, Alumno Developments, which has secured £15m of funding for the site development from Lothbury Investment Management.
The building, a former Comet store, is due to be completed in early 2014.
David Campbell, managing director, Alumno Developments, said:
“This is the start of a strategic partnership between Derwent and Alumno in Scotland, and the two companies are a good match. Scotland and Glasgow in particular, needs more and better-quality facilities for the growing number of students, including those from overseas who expect a high standard of accommodation in close proximity to universities and colleges.”
The car-free development will be managed within the Universities UK Code of Practice for university managed student accommodation standards.
Martin Corbett, managing director, Derwent FM, said:
“It is very rewarding to have secured our first scheme in Scotland, and our second with Alumno Developments, as we continue to grow our nationwide presence and respond to the demand for superior quality student accommodation.”