A £40M government guarantee will see construction begin on a new student village at the University of Gloucester’s Pittville campus in Cheltenham.
According to the government, the guarantee will be key in unlocking private investment to finance the project.
The project marks the first time that a guarantee has been given to a privately financed university accommodation development. The village will contain 577 new rooms, with refurbishments being undertaken on 214 existing bedrooms. The existing media centre including a gym, dining hall, students’ union office, and office space for university staff will also be refurbished.
The scheme will be delivered by Uliving, with contractors Bouygues UK carrying out the construction and refurbishment works.
Chancellor George Osborne said: “Better infrastructure is about improving people’s lives, and that’s why we are determined to get Britain building again.
“Our initial deal will deliver a modern, new student village to give the next generation of students the first-class facilities they deserve.”
Nicolas Guérin, Director at Uliving, commented: “The financial model for the new student village in Cheltenham is an innovative funding solution, which was backed by the government. Now we’re able to start the delivery of this scheme which will upgrade the university’s existing student facilities and, we hope, attract more students and investment to Gloucestershire.”
Stephen Marston, Vice Chancellor of the University of Gloucestershire, said the University was “delighted” the scheme is able to move ahead. He added: “This is a major step in ensuring we can provide high-quality accommodation for all first year undergraduate students.”
Work is expected to be finished in time for undergraduates for the 2017/18 academic year.