Fusion Students has completed its purchase of a 1970s central Bristol office block and will convert it into a £40m, 438-bed student accommodation scheme.
The student housing developer has paid Princeton Investments and Wainbridge, on behalf of the Wainbridge Global Opportunities London fund, £6.6m for 91,854 sq ft Froomsgate House . The parties have been in negotiations since the summer for the site.
Since buying the asset for £2.9m in March 2011, Princeton and Wainbridge have secured planning consent to convert the tower into a TP Bennett-designed student housing scheme.
Rob Rackind, managing director of Wainbridge, said: “Having identified the opportunity to create a high- quality development to address the significant demand in Bristol [for student housing], we have successfully executed our strategy for Froomsgate to realise an impressive return for our investors.
Completion of the development is expected in 2015. Jones Lang LaSalle acted for the vendor; the buyer was not represented.
joanna.bourke@estatesgazette.com
