The project is being undertaken as part of Zenzic’s joint venture with Torsion which now comprises five major schemes all located in Russell Group university cities.
The latest Leeds scheme will comprise 205 studio rooms across 10 floors as well as communal spaces, roof gardens, a gym, a social lounge, cycle storage and study areas.
Torsion Construction will be main contractor starting on site next month with Torsion Developments acting as development manager.
Once the project is completed and handed over it will be operated by LUNA Students which is also part of Torsion Group.
Dan Spencer, chief executive officer at Torsion Group, said: “Kirkstall Road has become the latest high profile PBSA development to benefit from our ongoing strategic partnerships with leading finance companies. Completing the joint venture means that it now becomes the latest in a series of large PBSA developments we have in our pipeline.
“I am proud of the way in which our team at Torsion Developments and Torsion Construction worked together to design the project to budget and deliver a scheme that remains high quality and fundable even in the current challenging markets.
“I firmly believe that the professionalism of our team and our solutions based approach to Develop, Construct, Operate provided Zenzic and Atelier with the certainty of a successful outcome.”
“Having worked with both partners on several other developments means we are confident that Kirkstall Road will soon become an important part of the LUNA Students property portfolio. There is a pressing need for high quality accommodation in the sector, and we are proud to be helping deliver solutions with our partners.”
Nadine Buckland, CEO of Zenzic Capital, added: “The UK student accommodation sector is underpinned by a number of highly attractive tailwinds, including growing student numbers, an acute shortage of high-quality supply and an inflation-protected income profile.
“By carefully selecting the right development partner, we are therefore confident of enhancing returns for our investors. We have already established a strong track record in the PBSA market, and this strategy enables us to increase our exposure to a sector that is one of our most compelling conviction calls.”
