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UK: Ward Group Investments (WGI) has acquired the Three Tuns purpose-built student housing (PBSA) in Durham from Elvet Residences for £30 million.
The scheme offers 178 studios and apartments across three residential wings. In 2019, the property was repositioned from Three Tuns Hotel, a Grade II centuries-old coaching inn, into a PBSA for Elvet.
WGI leadership called the move a “landmark” asset, strengthening its position in the PBSA sector and getting in on an established student market in Durham.
“Our strategy is to invest in high quality, well-located, purpose-built student accommodation and unlock each site’s full potential,” WGI CEO Andrew Ward said. “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.”
Highlights:
- Ward Group Investments has acquired the Three Tuns PBSA in Durham from Elvet Residences for £30 million.
- The scheme offers 178 studios and apartments across three wings, converted from a Grade II coaching inn in 2019.
- WGI chief executive Andrew Ward stated the acquisition strengthens the firm’s position in the PBSA sector within an established student market.
