Commercial People has learned that the sale of a multi-million-pound student accommodation scheme in central Bristol has been concluded.
Property developer F3Group has sold the scheme to one of Europe’s largest investment firms, DWS, for roughly EUR 62.8 million (£57 million) – Construction is set to be completed in the third quarter of 2021.
Commenting on the purchase, Mike Hill, Head of Real Estate Transactions, UK and Ireland, at DWS said: “We are extremely pleased with this investment into a thriving city and one of the UK’s best student markets and we are looking forward to working together over the coming months to bring this development to fruition.”
Located in the Redcliffe area of Bristol city centre, the scheme was designed by award-winning architects GSS, and, once complete, will provide state-of-the-art purpose-built student accommodation with 357 student beds in total.
The new development will consist of 322 en-suite cluster rooms and 35 studios. There is a total floor space of 8,575 sqm, and amenities include a gym, study space, bike parking, cinema room and communal lounge.
On completion, the property will be connected to the Bristol City’s District Heat Network as part of the overall sustainability strategy, aiming for a BREEAM Excellent rating for the building. The building is leased to the University of Bristol on a long-term basis.
Commenting on the sale, Gavin Gleave, Chief Executive Officer at F3GROUP, said: “F3 has an outstanding reputation built over the past 30 years for managing and developing high-quality schemes across multiple sectors. This strategic exit demonstrates that even in tough economic conditions there is still strong demand from market-leading investors for long term income assets.”
Global real estate firm, Cushman & Wakefield, advised on the transaction.