Student Roost has acquired two sites with planning permission for purpose-built student accommodation (PBSA) in Manchester and Birmingham.
The One Medlock site in Manchester was acquired from Whitbread PLC as part of its asset intensification strategy. Developer Dominus obtained planning consent for the redevelopment and enabled the transaction.
The 37-storey building will offer 1,014 student beds and 13,000 sq ft of resident amenities including a gym, yoga studio, study areas, meeting spaces, screening rooms, shared lounges and games rooms. The asset is scheduled to be operational by 2028.
The Triangle in Selly Oak, Birmingham, was acquired from Galliard Homes and Apsley House Capital. The six-storey building will house 836 student beds and 13,000 sq ft of resident amenities including a gym, social spaces, cinema room and private study rooms.
Construction is due to start in Q1 2025 and the building is set to be operational in time for the September 2027 student intake.
Both assets will be developed by Greystar with the company’s in-house global design team leading the fit-out of the rooms and amenity spaces to a newly developed Student Roost specification guide.
Ashling Fox, managing director of Student Roost, said: “Acquiring new sites to expand our student accommodation offering throughout the UK is always an exciting time for us, but the acquisition of premises in Manchester and Birmingham marks a significant milestone in Student Roost’s history.
“One Medlock will be our first property in Manchester, enabling us to invest in the vibrant student community and bring the unique Student Roost experience to a Northern powerhouse city, while The Triangle in Birmingham will see our return to the city where Student Roost was founded and where our head office is based.
“Our focus on resident wellbeing and providing over 22,000 students with more than a room will lead these developments, enabling us to provide safe spaces and remarkable experiences for students in Manchester and Birmingham.”
Ben Mowbray, managing director – UK investment at Greystar, added: “The UK is facing a chronic under supply of good quality student accommodation in the UK’s leading university cities such as Birmingham and Manchester. We are actively looking for acquisition and development opportunities to expand the Student Roost platform in the UK. The acquisitions in Manchester and Birmingham present an opportunity to build two new assets from the ground up and implement our refreshed design guide for Student Roost to help us create the very best buildings for students.”
Mark Anderson, managing director for property and international, Whitbread, said: “Whitbread has a clear growth plan for Premier Inn in the UK and as we continue to expand, we have an opportunity to think creatively about our estate and how our locations are matching the needs of our guests. In select locations, such as central Manchester where we have an extensive network, greater value for our shareholders can be achieved by disposing of a Whitbread-owned hotel for redevelopment into alternative uses, rather than continuing to trade the location as a Premier Inn.
“This asset intensification strategy recycles capital back into Whitbread whilst enabling us to reconfigure our hotel network for our guests. I wish the team at Greystar all the best with their redevelopment of the site.”
Gerard Nock, chairman of Apsley House Capital, added: “We are pleased to be party to this transaction which brings another major investor to Birmingham. The sovereign wealth fund GIC and Greystar are leaders in their sector and hopefully this transaction is the first of many. The Triangle is a placemaking scheme in a prime position and we are looking forward to the delivery of the very best student accommodation on offer.
“We are retaining a long leasehold interest in the site to bring forward the medical centre and the commercial element of the development fronting onto Bristol Road.”
