333 Bath Street, Glasgow
Adaptive redevelopment of empty office block to purpose-built student accommodation in Glasgow city centre.
Sold for in 2018
333 Bath Street, G2
Maven acquired 333 Bath Street, adjacent to the Kings Theatre in Glasgow’s city centre, 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 well-located for Glasgow’s main universities and benefits from being close to excellent transport links. Its location is also one block from Sauchiehall Street, which is regarded as the main centre for student nightlife in Glasgow.
- Purchase of empty office building in Glasgow city centre.
- Property acquired in December 2014 and Development Agreement entered into with Calmont Sugarhouse Ltd.
- Development cost £6.7 million:
- Equity investment £2.2 million from Maven Investor Partners.
- Debt of £4.5 million.
- Complete internal redevelopment and comprehensive refurbishment to create 70 studios together with extensive communal facilities.
- Development completed September 2015, for start of 2015/16 academic year.
- Operator Agreement with Collegiate AC Limited.
- Sold to Empiric Student Property Plc in October 2018 for £7.45 million.
- Investor Return – 1.47x MoM, 58.0% IRR.
“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.”
Ramsay Duff, Investment Director at Maven