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UK: The Three Tuns purpose-built student accommodation (PBSA) scheme in Durham city centre has been acquired by Ward Group Investments (WGI).
The vendor was Elvet Residences, and the deal value was £30 million.
The Space Architects-designed 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 asset recently underwent a £500,000 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 £30 million 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.”
Shane Oldridge, compliance manager at Ward Group Investments, added: “By combining the character of a historic Durham landmark with modern, sustainable upgrades and a strengthened on-site management presence, we’re proud to deliver a scheme that sets a new benchmark for purpose-built student accommodation in the city.”
Highlights:
- The Three Tuns purpose-built student accommodation (PBSA) scheme in Durham city centre has been acquired by Ward Group Investment
- The vendor was Elvet Residences, and the deal value was £30 million
- The asset recently underwent a £500,000 investment programme, which included the installation of a smart energy management system
