Property investor buys student Union
London real estate investor 90 North has bought a new student accomodation scheme in Leamington Spa for £17.2m.
The Union is a 187-bedroom development that was completed in September and is occupied by students from the University of Warwick.
90 North has bought the site from student housing developer Alumno Developments, which also worked on the Birmingham City University scheme at Eastside Locks.
The Union is already proving popular, with 179 of the rooms pre-let for the next academic year.
“With 5,000 Warwick University students living in Leamington Spa but less than 500 purpose-built student accommodation units for them, the town is severely undersupplied,” said John Yeend, partner at 90 North.
“This is the second acquisition for our new Academy UK student housing programme and takes the number of beds that we currently have under management to over 2,200.”
The scheme is a mix of ensuite cluster rooms and studio flats across four storeys, and is managed and operated by Homes for Students.
David Campbell, managing director of Alumno, added: “The Union was a significant project for Alumno and represents all the best aspects that a well-conceived and detailed student housing project can offer, in terms of meeting the place-making agenda and enhancing the existing community and local environment.”