UK: Innovation Control, a Lancashire-based property investment firm, has acquired a 244-bed PBSA asset in Preston.
the transaction, for an undisclosed sum, was supported by funding from Cambridge & Counties Bank.
Innovation Control (IC) has acquired the freehold of Friargate Court, having managed the asset for the past six years.
The property was constructed in 2016 and is comprised of three blocks with two commercial units. It is used by students from the nearby University of Central Lancaster.
The management team at IC, led by director Anthony Jackson, was originally introduced to Cambridge & Counties Bank by panel broker Watts Commercial Finance. The firm previously had a loan with the bank to support the acquisition of a 242-bed student asset in Salford, which was sold in early 2023.
The area around the university is part of Lancashire Council’s Masterplan development, in which more than £200 million is being spent on the transformation of the site and Preston city centre.
Anthony Jackson said: “Student residential accommodation continues to offer good, long term value for investors, and we believe sites like this one in Preston, a city underserved by quality accommodation, represents a significant opportunity for all stakeholders.”
Carl Ashley, regional director at Cambridge & Counties Bank, added: “Our support for Mr Jackson and the team at Innovation Control demonstrates the bank’s continuing commitment to support clients with a proven track record of success in the residential property sector.”
