Northridge Capital has acquired the freehold interest in Roman House, a 126-bed, 99-room prime student housing development in Friar Gate, Derby, from Catalyst Capital for £8.6 million.
Roman House opened in September 2016 following the conversion of the existing office building to provide high-quality student accommodation comprising 72 studios and 54 ‘twodios’*, totalling approximately 37,480 sq ft over two floors.
The scheme benefits from a prime student location within the centre of Derby, adjacent to The University of Derby Law School (the ‘Copper Box’), and the University’s main campus, at Kedleston Road, is less than two miles to the north west. Roman House has achieved 100 per cent occupancy since it opened and is on track to be fully let for the 2018/2019 academic year, highlighting the demand for well-located, high-quality Purpose Built Student Accommodation (PBSA) in the market.
Matthew Beech, National Capital Markets at Colliers International, said: “We are seeing great interest from investors for high-quality student housing stock, that offers strong underlying fundamentals and strong income. Roman House is a great example of one such high-quality student housing development that is set to deliver strong returns for Northridge Capital well into the future”.
Colliers International advised Northridge Capital. JLL advised Catalyst Capital.
* “Twodio” is a studio accommodation with two beds.