437-bed student property sold for £35.5m

Crosslane Student Developments has sold its 437-bed student accommodation property in Sheffield for a total purchase price of £35.5m.

The Brass Founders property (pictured above) has been bought by Unite Students Accommodation Fund (USAF).

The property comprises three residential blocks of six, seven and eight storeys, laid out in a U-shape to form a large, private landscaped courtyard within which residents can study and socialise.

The development – which is fully let for the 2017/18 academic year – is situated on Scotland Street to the north of the city centre within a five-minute walk of the University of Sheffield International College building.

“Crosslane is pleased to have completed the sale of Brass Founders in Sheffield, successfully generating returns to its investors by increasing the property’s asset value since exchanging contracts on the site in March 2015, obtaining planning consent in October of that year and completing construction on time and within budget ahead of the start of the 2017/18 academic year,” said Andy Whatson, director at Crosslane Student Developments.

Of the 437 beds in the development, 144 are high-specification studio apartments and 293 are premium en-suite bedrooms arranged in cluster flats of up to six bedrooms, sharing a lounge, kitchen and dining area.

The property has shared communal facilities on the ground floor, which has been zoned into different areas, including a games zone, onsite gym, cinema/multimedia room, study zone and meeting hubs.

“A resident survey concludes students are very impressed with their new accommodation and achieving full occupancy is a reflection of their desire to live in a Crosslane designed and developed property,” added Andy.

Richard Simpson, group property director at Unite Students, added: “This acquisition demonstrates our strategy of building and acquiring quality student property close to high-ranking universities, where student numbers are growing.

“We have strong existing relationships with universities in Sheffield and we are confident that Brass Founders will provide students with a quality, affordable home in a great location.”

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