McLaren’s transformative £70m student development project has been sanctioned, after extensive deliberation with local lawmakers.
The proposal, initially put forth by the McLaren Group in 2018, entails the construction of an extensive student precinct, intended to house and foster the growth of up to 2,000 students. It is projected to cost an estimated £70 million to bring the project to fruition.
The approved plans call for the erection of seven new buildings, five of which will be used to accommodate students. The remaining two structures are to be used for commercial purposes. In addition, the project also involves the remodeling of two existing buildings, along with the creation of a number of outdoor spaces, which will be utilized for recreational activities.
The development is expected to aid in revitalizing the area by stimulating economic growth, creating jobs, and boosting local property values. It is estimated that the construction and operation of the development will generate an additional £140 million in economic activity over the next decade.
The McLaren Group has stated that they are committed to utilizing local contractors and suppliers, in order to maximize the economic impact of the project. The company has also vowed to ensure that the student precinct is compliant with all relevant environmental regulations.
The approval process for the project was lengthy and complex, involving a number of local authorities. The McLaren Group was ultimately successful in securing the necessary permissions, and is now free to move ahead with the construction of the student precinct.
The project is scheduled to be completed in 2022, and will provide a much needed boost to the local economy, as well as providing students with a modern, comfortable living experience.