Crosslane Student Developments has sold its 437-bed student accommodation property, Brass Founders in Sheffield, to Unite Students Accommodation Fund for £35.5m.
Prime Student Living, the student accommodation lettings and operational management arm of the Crosslane Group, has ensured that the new development is fully let for the 2017/18 academic year.
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.
Of the 437 beds, 144 are high specification self-contained 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.
More than 60,000 students study at Sheffield’s two higher education institutions, the University of Sheffield and Sheffield Hallam University. The property is situated on Scotland Street to the north of the city centre. It is within five minutes’ walk of the University of Sheffield International College building and within 15 minutes’ walk of both university main campus buildings.
Crosslane Student Developments exchanged contracts on the site in March 2015, obtained planning consent in October of that year and held a successful opening ceremony on 13 September 2017.
Andy Whatson, director, Crosslane Student Developments, said: “Brass Founders is a high-quality, landmark development for Crosslane incorporating a culmination of insight from extensive student research, in conjunction with the knowhow and experience gained from the previous ten developments, completed over the last six years. 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.”
Richard Simpson, group property director at Unite Students, said: “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.”
Walker Morris acted for Crosslane and Berwin Leighton Paisner LLP acted for USAF.
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