Ward Group Investments (WGI) has acquired the £30m Three Tuns purpose-built student accommodation (PBSA) scheme in Durham city centre from Elvet Residences.
The scheme, which is located at the site of the former Three Tuns Hotel, blends the original Grade II listed, 18th-century coaching inn with three modern residential wings providing 178 rooms.
The scheme recently underwent a six-figure investment programme, which included the installation of a smart energy management system and air source heat pumps, bringing the majority of the rooms to EPC A rated.
Andrew Ward, CEO of Ward Group Investments, said: “This acquisition strengthens our position in the PBSA sector with a landmark £30m asset in one of the UK’s most established student markets. Our strategy is to invest in high quality, well-located, purpose-built student accommodation and unlock each site’s full potential. Our six-figure investment at the Three Tuns demonstrates our proactive approach to asset management and value creation. We’re committed to enhancing the living experience for residents and also future-proofing all our schemes through best-in-class safety, compliance and energy efficiency standards.”
