FreshStart acquires first Scottish scheme
SALFORD-based developer FreshStart Living is to create a new 164-bed student development at James Watt College in Greenock, Scotland, after buying the Greenock Hall property from the college for an undisclosed sum.
The firm said that 91 of the bedrooms being developed will be ensuite and that 15 will provide disabled access. It argued that it should be able to achieve rents of between £80-£85 per week for the bedrooms.
James Watt College is named after engineer James Watt who was born in Greenock in 1736 and whose improvements to the steam engine were key in bringing about the industrial revolution.
Stuart Cook, acquisitions manager at FreshStart Living, said: “FreshStart is expanding its portfolio of student accommodation, and we have further acquisitions to announce in the coming weeks.
“Student property is a very attractive asset class to individual investors; it is available at a very relatively price point, student rentals have remained robust with a recorded yearly growth of five per cent over the past six years, and Fresh Start structure it in such a way to make it a hands off’ investment vehicle.”
The purchase in FreshStart’s first scheme in Scotland. It has also recently bought properties including Montgomery House in Manchester and Colonnade Hall in Bradford that it plans to convert into student buildings.
