Coventry University Sells 627-Bed First Generation Halls of Residence To Frogmore
Set on a 4.8 acre site four-minutes’ walk north of the university campus and six minutes from the student union, Singer Hall consists of 621 non-ensuite rooms and six sizeable modern studios.
The accommodation is formed primarily of two and three storey red brick buildings arranged in small courtyards, providing a secure and communal environment for residents. Communal facilities on site include a study room, games room and laundry room. There are several large storage rooms, currently not used by residents and with potential to be reconfigured, as well as approximately 200 parking spaces.
Sold with vacant possession, there is potential for upgraded accommodation to be back on stream in time for the 2024-20025 academic year. As part of any refurbishment programme, analysis shows en-suite bathroom facilities can be cost-effectively added to a significant portion of the overall site.
Olan Coyle, Associate from Cushman & Wakefield’s UK Student Accommodation team, said: “This was a targeted sale process offering significant potential to add value, both for the investor and for future students of Coventry University alike. The successful sale allows a student accommodation specialist with the capital to upgrade an asset nearing the end of its lifecycle into modern facilities meeting the amenity expectations of today’s students while also focussing on the affordability side of the sector.”
Russell Heffernan, Partner in the team added: “Delighted to complete on another successful disposal for one of our university clients. We are seeing very strong demand for older stock, with refurb angles which tend to be within easy walking distance to the campus.”
Mark Cammies, Managing Director of Property, Facilities and Accommodation at Coventry University said: “The Singer Halls disposal supports the Coventry University programme of increasing the halls accommodation quality of our own stock for the benefit of our students. However, this does create an ideal opportunity for another operator to invest in this asset and create a value proposition for the benefit of students in Coventry.”
According to Cushman & Wakefield’s data, first generation assets – a single bed in a non-ensuite bedroom with shared communal facilities – comprise more than 80,000 of the UK’s student accommodation beds. As these already have planning consent for student occupation and are typically well located, they offer a significant advantage over new build premises when it comes to meeting demand for student accommodation.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.
Global real estate services firm, Cushman & Wakefield, has appointed James Yates as a Partner to its UK Capital Markets team.
Nuttall, who joined the firm as a graduate, will succeed Karen Clements who is retiring at the end of the year.
This autumn, we’re excited to unpack our vision for the future of six UK cities: London, Birmingham, Bristol, Manchester, Leeds and Edinburgh. We consider how well placed each is to manage the challenges and opportunities ahead.