Howard Osborne LLP formally hands over Mount Pleasant Halls to St Edmunds College, Cambridge
Howard Osborne LLP, the joint venture between Cambridge based property developer and investor Howard Group and Osborne, which specialises in developing student accommodation, is delighted to announce the completion and handover of its development, Mount Pleasant Halls, to St Edmund’s College.
The occasion was celebrated with a Handover Ceremony and presentation to Matthew Bullock, the Master of St Edmund’s College. In attendance were fellows and officers of St Edmund’s, representatives from Legal & General, who funded the development, and members of the project team.
A high quality student accommodation development, Mount Pleasant Halls sits north west of Cambridge city centre, adjacent to St Edmund’s College. The site was originally identified as an opportunity in 2013 and was speculatively purchased from the Universities Superannuation Scheme. A close working relationship with St Edmund’s College and a deep understanding of the need for high quality student accommodation, resulted in a pre-let agreement between Howard Osborne and St Edmund’s for the entire development.
Designed with St Edmund’s specific requirements in mind, Mount Pleasant Halls has student well-being at its heart. It provides 199 en-suite standard rooms and 73 studio flats, with each room benefitting from an en-suite shower room or wet room. Clusters of eight standard rooms are grouped around fully equipped, hi-specification shared kitchens and communal living areas. Additional details, such as state of the art security, secure undercover cycle storage and a consistently high-quality finish throughout create an inspirational environment befitting the modern student lifestyle and expectations, as well as future proofing the building for years to come.
Nicholas Bewes, CEO Howard Group commented: “The shared values and experience of Howard Osborne, combining two multi-generational family owned businesses, has enabled us to deliver a landmark student development that will give students outstanding facilities and provide a vibrant community during their time at Cambridge. Our combined ethos and the strength of our relationship has created a unique partnership, through which, we will deliver further market leading student accommodation developments like Mount Pleasant Halls in the future.”
Innovation and forward thinking were the hallmarks of the Howard Osborne vision for the development.
Edmund’s College as the pre-let occupier to take an overriding long-term lease, with the option to acquire the freehold at lease end. Attracted by this innovative deal structure and valuable student accommodation investment, let on an annuity income style lease, institutional investor Legal & General committed to fund the development.
Andrew Osborne, Chairman, Osborne said: “We are delighted to be part of providing this prestigious and environmentally sustainable student accommodation development. Working collaboratively with key organisations, such as Cambridge City Council, the University of Cambridge, Legal & General and St Edmunds, the development has responded to their needs by delivering high quality student accommodation whilst being environmentally sensitive in its approach.”
Matthew Bullock, Master of St Edmund’s College commented: “Having identified Mount Pleasant as an ideal location for new student halls some years ago, it has been exciting to watch the development come to fruition. As the college continues to enjoy significant growth, Mount Pleasant Halls is ideally positioned to offer both our students and academic staff an impressively high level of contemporary accommodation, conveniently located within the College grounds into the future.”