Student scheme bought out of receivership

Developer Taj Ubhi of 9 Property Group has teamed up with commercial real estate buyer Emmanuel Agalamanyi of BlackBridge Property Partners to acquire the former Antibo Restaurant in Nottingham city centre.

The new owners of the building say they are set to establish “a significant new development for Nottingham’s urban landscape2.

The site will be developed into 51 student flats.

Back in April , Man Mountain Estates had been given the go-ahead to redevelop into a new student scheme, made up of 46 one-bedroom apartments and 3 studio flats. These plans were shelved when the firm called in receivers.

Blackbridge and 9 Property Group say the deal is the partnership’s first in a pipeline of acquisitions set to take place over the coming months. The new joint venture will target similar distressed sites throughout the country that have been placed on the market.

This project is being designed by ARC Design Studio.

Ubhi has a strong track record in delivering PBSA schemes and is a well-known client of finance provider Assetz Capital.

Agalamanyi aid: “Our growing equity fund has placed us in a very strong position to acquire similar buildings and ground-up developments to cater for the student and private rental sector. We are aggressively seeking more opportunities.”