Tyrone firm reveals £100m building scheme
A Co Tyrone building firm is currently working on an extensive £100m student accommodation project in Bournemouth and Portsmouth.
McAleer & Rushe has entered into an agreement with Knightsbridge Student Housing to deliver 1,600 student beds.
The Cookstown-based company has already established a strong foothold in the student market. It is set to build 7,500 student beds over the next five years and is also currently under contract to deliver two schemes for UNITE plc – a 750-bed scheme in Stratford, London, and a 700-bed scheme in the north-east of England.
McAleer & Rushe project development director Graham Mitchell said that the firm has ambitious targets for student housing construction.
"We are delighted to be working with Knightsbridge and look forward to working together on other projects," he said.
"This deal unlocks the regeneration of important sites in Bournemouth and Portsmouth, and is an important vote of confidence in the economic recovery of both cities."
The first phase of the Portsmouth scheme, on Stanhope Road, will see the former landmark office, Zurich House, converted to provide 400 student beds, with a purpose built second block housing a further 600 students.
Student housing will make up around half of the site in Bournemouth on St Paul's Lane, St Paul's Road, with the remainder of the site being allocated to offices, and possibly a new hotel.
Planning submissions are targeted for early 2015 which would see construction work begin in summer 2015 with delivery of the first phase in the third quarter of 2016 and the second phase in the third quarter of 2017.