New Dundee student housing building up for sale for nearly £9m

A newly completed Dundee student housing building has been put up for sale for nearly £9 million.

Construction of Greenmarket Studios on South Marketgait has been finished in time for the 2025/26 academic year.

It forms part of a wider development that included the construction of the new BT offices, which staff moved into in December.

The building has 55 studio flats and will soon host a Pret A Manger cafe on the ground floor.

However, before students have even moved in, the site has already been put up for sale.

Sale of new Marketgait student flats building ‘in line with developer’s exit strategy’

Graham and Sibbald is marketing the property on behalf of Crucible Developments for £8.716m, with offers being invited.

The firm says it was always the intention of Crucible to sell the building at this stage.

It is projected that the development will have more than £500,000 in rental income in its first year of operation.

That includes Pret A Manger’s annual lease of £55,000 a year, rising to £70,000 by the fourth year.

Peter Fleming, director at Graham and Sibbald, said: “Greenmarket Studios marks the completion of Crucible Development’s regeneration of the once derelict former Dundee goods yard.

“Having previously developed, completed and sold Greenmarket BT, the sale of the student element comes at the logical time to do so and is in line with their long-term exit strategy as a property developer.

“The development will provide a best-in-class specification for a student scheme in Dundee, with the price being in line with comparable PBSA (purpose-built student accommodation) buildings of this quality.”

According to the brochure for the building, Crucible says the city’s student population is still underserved by existing accommodation.

It says: “Both universities have a supply of 2,500 beds in the city, yet there should be provision for 6,000 beds in the city.

“This highlights that the city is in need of more beds.

“However, challenges to the pipeline due to construction costs and inflation (are) resulting in it being difficult to meet demands at this time.

“Including Greenmarket Studios, there (have) been only three schemes delivered in the last 15 years.”

Crucible Developments has been approached for comment.