University takes lease on 64 city centre apartments
Coventry University Enterprises has agreed a 12 year lease on 64 apartments at Belgrade Plaza in the city centre.
The deal was done through the university’s FutureLets accommodation division with landlord Clearbell Capital through the property agents, Bromwich Hardy.
The one and two bed units will now be offered as serviced accommodation to students, staff, visiting lecturers and the parents of students visiting Coventry. The units occupy the top floor of the development which includes a gym and three restaurants, and is near the Belgrave Theatre.
Obi Okwuadigbo, of FutureLets said:”The need for more student accommodation is well documented and people can see the new schemes being developed in the city centre. We also need to ensure there is enough accommodation for staff and visitors and that is the reason behind our decision to lease Belgrade Plaza.”
“The lease has been taken over 12 years and it began at the end of August this year in time for the academic year ahead.”
James Brookes of Bromwich Hardy said:”The lease makes perfect sense from the landlord, as it provides a lengthy term at a strong rental, with Coventry University’s covenant strengthening the investment value at Belgrade Plaza. For the university, they get to house their lecturers and parents at one of the premier locations in the city centre.”
Dominic Moore, the head of asset management at Clearbell Capital said: “As the home of both Coventry and Warwick Universities, there is a particularly strong need for accommodation for students and staff in Coventry. This long-term letting at Belgrade Plaza demonstrates the desire for universities such as Coventry to ensure supply of high-quality student and staff accommodation.”
“Coventry is a city undergoing great change. It has always had significant economic drivers, including strong local industry and the two universities. Yet, to date, Coventry has lacked sufficient residential accommodation and facilities to match growing demand to live and work in the city.”