Elite UK REIT gets green light for Scotland student housing conversion

Following its development, the property will have a gross development value of $41.6m.

Elite UK REIT has received planning approval to convert Lindsay House in Dundee, Scotland, into a 168-bed purpose-built student accommodation (PBSA) facility.

Additionally, the company has signed a development management agreement with Mys, a Scotland-based development manager and PBSA operator, to manage the proposed PBSA.

Mys is the United Kingdom’s first student living operator to be awarded B Corp1 status, which reflects its stance on delivering a “values-driven” living experience.

As of end 2024, Lindsay House was valued at $2.58m (GBP1.49m). Following its development, the property is estimated to have a gross development value of $41.6m (GBP24m) with a return on investment of around 18%.

($1=GBP0.57)