Multi-million deal for student flats

A DEVELOPMENT of student flats has been bought by Liberty Living for £23m.

The University of Leeds has sold its freehold interest in the flats at Clarence Dock, in Leeds, with a guarantee that they will remain available to students for 15 years,.

Ian Robertson, head of residential accommodation at the University of Leeds said: “Liberty Dock is a core part of our accommodation provision for students.

“Its sale, with a nominations agreement will allow us to invest the proceeds in the development of brand new residential accommodation at one of our own retained sites, whilst still ensuring that accommodation is also available to us at Liberty Dock in the long-term.

“It is particularly pleasing to be in partnership with a private accommodation provider whose brand represents the quality of service that we wish to deliver to our students.”

Liberty Living is part of the Brandeaux Student Accommodation Fund which owns and manages 15,000 beds across the UK.

The University of leeds was advised on the deal by DTZ.

Andrew Smith, director of corporate real estate onsulting at DTZ, said:  “There has been a considerable amount of activity in the student residential market in Leeds recently and this sale follows some important strategic thinking about how the University can make rooms available to students in the long-term.

“We are very pleased with the sales process, and the outcome.”