Crosslane Student Developments has sold its 437-bed student accommodation property, Brass Founders, Sheffield to Unite Students Accommodation Fund for £35.5 mln (€40 mln).
The property comprises three residential blocks of six, seven and eight storeys laid out in a U-shape. It features a brick and glass façade with solar panels on the roof and outbuildings that have a green 'living' roof.
'Crosslane is pleased to have completed the sale of Brass Founders in Sheffield, successfully generating returns to its investors by increasing the property’s asset value since exchanging contracts on the site in March 2015, obtaining planning consent in October of that year and completing construction on time and within budget ahead of the start of the 2017/18 academic year,' commented Andy Whatson, director of Crosslane Student Developments.
Of the 437 beds, 144 are self-contained studio apartments and 293 are en-suite bedrooms arranged in cluster flats of up to six bedrooms, sharing a lounge, kitchen and dining area. Other facilities include a games zone, onsite gym, cinema/multi-media room, study zone and meeting hubs. Bike storage facilities are provided to encourage students to cycle.
Crosslane Student Developments is part of the Manchester-based Crosslane Group. The development arm exchanged contracts on the site in March 2015, obtained planning consent in October of that year and held the opening ceremony on 13 September 2017.
Prime Student Living, the student accommodation lettings and operational management arm of the Crosslane Group, has already ensured that the new development is fully let for the 2017/18 academic year.
Walker Morris acted for Crosslane and Berwin Leighton Paisner acted for USAF.
