MCR Property Group gives The Quadrant new lease of life
MCR Property Group has purchased The Quadrant in Liverpool, with plans to complete the part-built student accommodation block.
The Manchester and London-based developer has acquired the 85,684 sq ft site on Shaw Street and aims to bring the scheme to market for the next academic year.
MCR Property Group will complete construction of the seven-storey student living scheme to create 240 bedrooms comprising a mixture of cluster flat accommodation and studio apartments ready for occupation in September 2019.
The scheme was left incomplete following the original contractor, PHD1 Construction Limited, and developer, Pinnacle Student Developers, going into administration in 2016 and 2018, respectively.
Located in a prominent position close to the city centre, the £17m gross development value project will feature a reception area with double height atrium and break-out seating areas on the ground level, with communal, landscaped gardens outside.
The property will also provide 26 car parking spaces and bike storage at basement level.
Close to the intersection with Islington Road North, the development is a short distance from Liverpool John Moores University, the University of Liverpool, Liverpool Institute for Performing Arts, and the Liverpool School of Tropical Medicine.
Nick Lake, asset manager at MCR Property Group, said: “Liverpool is vibrant and culturally diverse, attracting students the world over to live and learn in this truly global city.
“As such, student numbers continue to rise, by up to 6% year-on-year, resulting in a student accommodation boom to meet demand.
“The Quadrant provides a fantastic opportunity to provide high quality living spaces in the midst of prime university locations and will sure to be a popular choice for domestic and international students alike.”
Sholom Cohen from GVA’s Manchester office who was instructed to market the development for sale by the administrators, said: “We are delighted to have secured a buyer for The Quadrant.
“As anticipated, we experienced a high level of interest in this property which benefits from a well-positioned location and presented a fantastic opportunity for MCR Property Group.
“We are confident that now the scheme is in new hands, development will progress and be a valuable asset for Liverpool’s student community.”