We delivered this direct-let, student accommodation development with associated amenity and retail space in central Glasgow.
First class design
Foundry Courtyard provides modern, stylish accommodation for students of the nearby University of Strathclyde, City of Glasgow College and Glasgow Caledonian University.
This two-block, four- to six-storey development contains 149 self-contained studios, including larger, premium studios and 70 cluster flats with two to six bedrooms.
We created a contemporary design and layout to enhance the student experience and complement modern trends in social and study life. The project also included a 250m2 retail unit fronting Kennedy Street, serving the residents and the local community.
As developer of the project, we secured funding, completed the site purchase, planning, design and construction works and are now operating the accommodation.
To complement the accommodation, other facilities include a gymnasium, cinema room, study pods, social space with a games area and a retail unit. There is also a large secure courtyard which can be used by students for recreational purposes.
Full operational services include student pastoral care, events organising and student support as well as a full suite of hard and soft facilities management services including:
- Proactive and reactive maintenance
- Reception and 24 hour security
- Grounds maintenance
- Utilities management
- Third party revenue opportunities
As a direct-let development, Balfour Beatty takes responsibility for marketing rooms, managing bookings and payments.
The Foundry Courtyard project demonstrates Balfour Beatty’s experience and capability to design, build, finance and operate a sizeable student accommodation scheme in the direct-let market.
Balfour Beatty invested equity into the project, with the balance financed through short-term development funding via a single bank. Balfour Beatty purchased the site in February 2015, proceeded with a full design process, achieved planning consent and expects to start on site within eight months of the purchase.
As a direct-let project, Balfour Beatty takes demand risk and is responsible for the marketing, booking and allocation of rooms. Revenues are therefore entirely based on student rents and retail income. Balfour Beatty also manages the lettings for the 250m2 retail unit.