Castel Student has purchased and obtained planning permission on land on the site of the former Douglas House, central Middlesbrough.
Castel Student plans to build student accommodation to house more than 160 students over five storeys under the brand of Lagom Urban Living. The accommodation will offer a mix of individual studios and cluster apartments designed to a high quality specification.
Castel Student aims to levy the burgeoning opportunities provided by the vibrant academic hub in Middlesbrough and other student towns. This Middlesbrough development marks the first development under the Lagom Urban living Brand.
Plans for the Middlesbrough project include creating community-focussed amenities offering practical solutions for prospective tenants such as addressing the city’s parking shortage with secure underground parking facilities. With a focus on community, the scheme also plans to bring social concepts to onsite facilities which will include a laundry room, gym and cinema.
Property development and investment specialists, Fundamentum Property are acting as advisers on the development.
Christian Forbes, property manager at Fundamentum Property, commented: “The development has got a competitive edge in Middlebrough’s current climate. The Lagom concept is about a balanced lifestyle and student accommodation is generally famed for its basic, below-par offerings. Lagom is redefining the sector by offering students a higher standard of living without the inflated price tag.
“We’re making great progress and the project is on schedule to begin housing students for a September 2018 launch. We will be looking to sell to an established large student accommodation provider upon completion and have already received interest from potential buyers.”
Castel Student is currently looking for further opportunities to roll out the Lagom Urban Living brand across the UK, targeting towns and cities with short supplies on student accommodation.
