DICKINSON Dees has played a pivotal role in the deal to create a new £36m student housing scheme for the University of York.
The 620-bed scheme will be developed by the Leeds-based Evans Property Group in a 50:50 joint venture with the university. The project is the third phase of the university’s extended campus at Heslington East.
Dickinson Dees played a key role in this deal, originally introducing the joint venture partners and advising the university during the complex negotiations. Evans completed the 650-bed Langwith College at Heslington East in August this year in another joint venture with the university, who were once again advised by Dickinson Dees. The third phase already has outline planning permission, although the detailed specification will be subject to a reserved matters planning application that is due to be heard by City of York Council in early 2013. The development is due to be completed by August 2014.
Philip Ashworth, corporate partner at Dickinson Dees, said: “This will be one of the most significant developments in York next year. It enables the University to keep an interest in its extended campus, whilst sharing the responsibility of ownership with one of the leading development and investment companies in the north of England."
Graham Gilbert, the finance director of the University of York, said: “The joint venture with Evans has enabled us to liberate significant funds for the further development of our estate while allowing us to make a valuable investment in student accommodation.
“We have enjoyed a profitable collaboration with Evans, our joint venture partner and have benefited from working with Dickinson Dees; they have handled the logistics of a complex transaction well and have provided us with sound and commercially informed support and advice throughout.”
James Pitt, development director of the Evans Property Group, said: “We are very pleased that this Joint Venture arrangement with the University of York has proved so successful. As long term investors in property, we value our relationships with our partners.”
Dickinson Dees has enjoyed a fruitful relationship with the University of York, which also includes advising the University on the new sport village it has created, in partnership with City of York Council and Sport England, at Heslington East.
The £9m York Sport Village features a competition-standard eight-lane 25-metre pool, a fitness suite, dance and aerobics studios, a full-size astroturf pitch and five-a-side pitches.