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The Royal College of Music, London, one of the world’s most prestigious music conservatoires, has appointed Campus Living Villages to create a brand new state-of-the-art facility to house its student body. With the deal now confirmed, the building work has commenced.
The new £45m project, replacing the current facility on Goldhawk Road, will comprise 417 student accommodation rooms. CLV is the provider of the equity for the project together with the College and will manage the build programme and operate the accommodation, once complete in 2015.
M&G is the funder, providing £36.9 million of development finance for the project for the full term of the concession.
The buildings will include an open plan central amenity space, which breaks out onto external courtyards, an informal personal space, teaching kitchens, gymnasium and 24-hour music practice rooms.
Osborne Clarke law firm advised Campus Living Villages on the deal with Royal College of Music London.
Sean McKeown, Commercial Director at Campus Living Villages, says: “We are delighted to have been awarded the contract with the Royal College of Music and thrilled that we have been chosen to support such talented musicians during their time at the College. As a global provider, we have a highly experienced team that understands how to deliver the best in student residences. We look forward to developing this new partnership with the RCM and adding to the experience of its students.”
Professor Colin Lawson, Director of the Royal College of Music, comments: “We are dedicated to setting up our students for future success, and have produced some of the world’s most distinguished performers, composers and conductors. With 750 students coming from more than 60 countries, we place great importance not only on the environment in which they learn, but also on the environment in which they live. For our new student accommodation, it was vital for us to find a partner with a reputation for excellence and consideration of all aspects on student life. We are confident that CLV can meet our expectations.”
Ben Jones, Director of Real Estate Income, M&G Investments, says: “This landmark transaction enables the development of state-of-the-art accommodation at a globally renowned music conservatoire. It demonstrates the willingness of institutional investors to invest in the growing student accommodation sector – this can be done using a wide range of structures. We are pleased to continue our relationship with CLV following on from our Bournemouth deal last year and look forward to working with them in the future. We certainly have additional capital to invest in comparable projects.”
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