University sells 627-bed hall of residence to fund manager
Coventry University has sold a 627-bed hall of residence with “significant” asset management opportunities for an undisclosed sum to real estate fund manager Frogmore.
The property will be refurbished and managed by specialist student accommodation provider The Mansion Group.
Set on a 4.8-acre site four minutes walk north of the university campus and six minutes from the student union, Singer Hall comprises 621 non-ensuite rooms and six sizeable modern studios.
The accommodation is formed primarily of two and three-storey red brick buildings arranged in small courtyards, providing a secure and communal environment for residents.
Communal facilities on site include a study room, games room and laundry room. There are several large storage rooms, currently not used by residents and with the potential to be reconfigured, as well as approximately 200 parking spaces.
Sold with vacant possession, there is potential for upgraded accommodation to be back on stream in time for the 2024-2025 academic year.
Olan Coyle, associate from Cushman & Wakefield’s UK student accommodation team, said: “This was a targeted sale process offering significant potential to add value, both for the investor and for future students of Coventry University alike. The successful sale allows a student accommodation specialist with the capital to upgrade an asset nearing the end of its lifecycle into modern facilities meeting the amenity expectations of today’s students while also focussing on the affordability side of the sector.”
Russell Heffernan, partner in the team, added: “Delighted to complete on another successful disposal for one of our university clients. We are seeing very strong demand for older stock, with refurb angles which tend to be within easy walking distance to the campus.”
Mark Cammies, managing director of property, facilities and accommodation at Coventry University, said: “The Singer Halls disposal supports the Coventry University programme of increasing the halls accommodation quality of our own stock for the benefit of our students. However, this does create an ideal opportunity for another operator to invest in this asset and create a value proposition for the benefit of students in Coventry.”
