Project
Our client, Harvale Developments Ltd, proposed to redevelop a significant area of brownfield space for purpose-built student accommodation (PBSA) in Stoke-on-Trent.
Based on the outskirts of town, the site was 600 metres from Staffordshire University and 10 minutes from the Stoke-on-Trent railway station, a perfect spot for a residential space for post-18 students.
The 202-bed property was designed to include ancillary offices, a gym, and a rooftop garden for tenants.
With such a large and costly proposal, Harvale appointed Eddisons to conduct an impartial but thorough valuation to uncover any concerns, scope extra requirements, and recommend further reports to ensure full confidence in the plan.
Approach
Among other tasks, Eddisons identified brownfield plots, assessed the access points, and evaluated contamination and environmental issues for neighbouring properties including flood risks.
As part of our valuations service, we researched and compiled a list of planning applications granted by the local authority, and concluded that their client’s plan was “acceptable” and suitable for the community.
Finally, highlighting ongoing rental growth and a large student population in Stoke-on-Trent, Eddisons advised that the proposed building would be prime for initial success and future sales.
Results
On reception of the report, our client was able to gain funding for the £10.92m deal to create the accommodation block. Practical completion is estimated for August 2025 in order to meet the student intake in September.
On top of the build, Eddisons’ valuation report has contributed to a local flood alleviation scheme being launched in tandem with the construction, to benefit existing properties and residents.
