Student halls sold in multimillion-pound deal
What is thought to be one of the largest student residential investment sales across the West Midlands in the last year has been completed.
The property at 18-20 Dawlish Road in Selly Oak, Birmingham, has been sold for an undisclosed sum off a quoting guide price of £14m to an existing student housing operator.
The purpose-built student halls contain 129 bedrooms over three blocks, 122 of them with ensuite toilet and shower rooms, and five of them described as “premium studios”.
The property also recently received planning consent for the development of an additional 35 rooms.
James Mattin, managing director agency at Bond Wolfe, said: “We are delighted to have concluded this substantial sale on behalf of our clients after a competitive bid process.
“This deal represents months of hard work often not recognised in the agency world, so we are proud to have got this sale over the line.
“This was a tricky sale to navigate and has culminated in an excellent result for both parties.
“The seller disposed of the property after 20 years of successful ownership, and the purchaser jumped at the opportunity.“
Mattin added: “This is one of numerous sales that Bond Wolfe are handling in what has already been a record year for their agency team.
“This deal represents an excellent opportunity for the buyer to take an existing successful student scheme and take it to the next level with further refurbishment work and development of more rooms following recent planning permission”.