Select Property Group, of which former Ask Developments chief executive Ken Knott became chief development officer in January, has acquired two sites for student projects with a total gross development value of £140m.
It has bought a 6.3-acre site in York at St Joseph’s Convent on Lawrence Street, near the University of York, from the Order of Poor Clares Colettines, to develop a 649-bed scheme.
The convent is to be refurbished and an additional 14 three- and four-storey blocks will be developed. Construction is scheduled to begin in September.
In Glasgow, it has bought a 2.9-acre site on Beith Street next to the University of Glasgow from Structured House, on which it will build a 501-bed scheme. Work will begin this month.
Both assets will be operated under Select’s Vita Student brand.
Select buys and develops sites, sells the assets, but continues to manage them post-sale. It has locations in Bristol, Manchester, Liverpool, Southampton and Sheffield.
The firm is seeking to take advantage of the weight of institutional capital looking to enter the alternatives and student accommodation sector because of the steady income streams.
