York Deal for Maple Grove Developments
Maple Grove Developments and property development company, Yorvale, have sold a site in the centre of York to McLaren Property, the real estate development and investment division of the McLaren Construction Group.
Located on York’s Hallfield Road, the site has planning consent for a 326 unit student accommodation scheme, which will be delivered by Maple Grove’s sister company, Eric Wright Construction.
The scheme will comprise two blocks, each with four storeys, providing high quality en-suite accommodation. Eric Wright Construction will start on site in March for an 18-month programme, due to complete in time for the 2016/17 academic year student intake.
Chris Evenson, managing director of Maple Grove Developments said: “We knew that this site had significant potential for development as student living and, by delivering the public consultation and securing planning consent prior to negotiations, we were able to maximise its value.
“We are delighted to have attracted a developer of McLaren’s stature to the project and the deal demonstrates our ability to acquire sites that can attract interest from major property development and investment names, feeding our continued growth.”
John Gatley, of McLaren Property said ‘We are pleased to announce the acquisition of the site in Hallfield Road which adds another strong location to our portfolio of student accommodation. We continue to search for development opportunities in similar top tier university towns and cities.’
The site lies outside the city’s historic walls and is just a short bus or bike ride from York University campus. There is an existing cycle path running adjacent to the site, which is also within walking distance of both York St John University and the city centre.
John Wilson, managing director, Eric Wright Construction added: “This deal demonstrates how the breadth of disciplines within the Eric Wright Group can be leveraged to drive growth across our business units.
“The Hallfield Road scheme will build on our portfolio of successful student accommodation projects, which also includes the £18 million Opal Court Phase 2 in Leeds, reiterating our expansion in Yorkshire.”
DTZ and Lawrence Hannah acted for Maple Grove and Yorvale and Tudor Toone acted for McLaren Properties.