University student block sold for £23m

The freehold of its student residences at Clarence Dock in Leeds were sold to Liberty Living, part of Brandeaux Student Accommodation Fund.

The sale included a nomination agreement, which means the residences will continue to be available for the university’s students for the next 15 years. The 612-bed site will be renamed Liberty Dock.

Leeds University said the sale would go towards the cost of redeveloping St Marks flats, a 500-bed student accommodation block near the university, which was built in 1979 and is being demolished and re-built.

It will be primarily a postgraduate residence, which the university said formed an important element of its recruitment strategy. It also fits in with its aim to bring more students on to or nearer campus where possible.

Ian Robertson, head of residential accommodation at the university, said: “Liberty Dock is a core part of our accommodation provision for students.

“Its sale, with a nominations agreement will allow us to invest the proceeds in the development of brand new residential accommodation at one of our own retained sites, whilst still ensuring that accommodation is also available to us at Liberty Dock in the long term.”

He added: “Specifically, the proceeds will make a contribution to the build costs of redeveloping St Marks flats.”

Andrew Smith, director of corporate real estate consulting at property agent DTZ, who advised Leeds University, added: “There has been a considerable amount of activity in the student residential market in Leeds recently and this sale follows some important strategic thinking about how the university can make rooms available to students in the long term.

“We are very pleased with the sales process, and the outcome.”

Brandeaux Student Accommodation Fund currently owns and manages 15,000 beds for university students across 40 residences in 17 UK cities.