Mansion Group acquires £4.75m vacant hall of residence in Manchester
Cheadle-based property business The Mansion Group has acquired a vacant hall of residence in Manchester for £4.75m in a joint venture with Turnberry Investment Group.
Allen Hall, built around 1960, is situated in a highly prominent position fronting Wilmslow Road, the principal student thoroughfare in Manchester.
It was previously leased to the University of Manchester and has been unoccupied since 2012.
The property will be renamed Mansion Point and comprises four individual buildings on a large landscaped site which will be comprehensively refurbished to a high specification for the 2019/20 academic year.
The scheme will be let and managed by Mansion Student, specialists in the UK Purpose Built Student Accommodation market, with more than 12 years’ experience in delivering excellence for students and university partners, alike.
Simon Lowe, head of acquisitions at The Mansion Group, said: “We are delighted to have completed on this project which will be a flagship scheme for us.
“The Mansion Group have acquired, refurbished and divested from six previous student accommodation assets in Manchester.
“We are very much looking forward to having a presence back in our home city once again for our students.”
The seller was advised by Axis Property Consultancy. TLT and Turner Southern advised the buyer.