Maven sells Glasgow student accommodation development for £7.45m
Maven has sold its purpose-built student accommodation development at 333 Bath Street in central Glasgow, to Empiric Student Property plc, for £7.45 million shortly after it opened for the 2015/16 academic year.
Ramsay Duff, Investment Director at Maven Capital Partners, said: “The sale of this development has generated good returns for Maven investors, just nine months from original investment. It demonstrates the potential for the student accommodation sector to provide attractive investor returns on the back of continued strong demand from both occupiers and institutional purchasers, particularly in areas such as Glasgow that are under-supplied with purpose-built, student accommodation. The project is a good example of Maven’s strategy of backing experienced developers to provide ‘Real Estate Private Equity’ opportunities to investors.”
Maven acquired 333 Bath Street, adjacent to the Kings Theatre, as a vacant office building and worked closely with developer partner, Calmont Property Group, to carry out a multi-million pound redevelopment of the site to provide 70 studio apartments over six floors. These highly-specified studios have access to extensive common space with a residents’ club lounge, dinner party room, private gym, on-site cinema room, seminar rooms, a quiet reading room and games area.
333 Bath Street is Maven’s second sale of a student accommodation development in Glasgow this year, following the redevelopment and sale of Claremont House, in the Kelvingrove area of the city, to a specialist European property fund for £8.37 million.
Maven’s property team has completed a number of other student accommodation, hotel and office developments across the UK, offering a range of opportunities to investors who are looking for well-researched and managed property deals which can generate attractive returns, typically with an element of development gain.