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UK: Knight Frank has been appointed to sell Friargate Court, a 244-beds PBSA scheme near the University of Lancashire, for £9.75 million.
The sale is being undertaken on behalf of administrators FRP Advisory, and includes a £750,000 commercial element.
Located on Preston’s Market Street West, Friargate Court occupies a prominent position between the University of Lancashire campus and Preston city centre, with the university just a five-minute walk away.
Delivered in 2016, the scheme comprises 244 bedrooms, with a mix of 98 per cent cluster en-suites and two per cent studios. Amenities include a gym, communal lounge and games area.
The scheme last changed hands as recently as October 2023, when it was acquired by Innovation Control, a Lancashire-based property investment firm, for an undisclosed sum. The company was placed in administration in December last year.
Toby Thomas, associate in the Student Property team at Knight Frank, said: “Friargate Court offers a rare opportunity to acquire a well-located, operational PBSA asset at an attractive price point, in a market where supply still doesn’t meet demand. The scheme is experiencing strong letting momentum as it approaches the next academic year, and there is a clear opportunity for investors to drive leasing performance and grow income through hands-on asset management. The scheme can also accommodate key workers and apprentices which further enhances its appeal and offers income diversity.”
Highlights:
- Knight Frank has been appointed to sell Friargate Court, a 244-bed PBSA scheme near the University of Lancashire, for £9.75 million
- The sale is being undertaken on behalf of administrators FRP Advisory, and includes a £750,000 commercial element.
• Delivered in 2016, the scheme comprises 244 bedrooms, with a mix of 98 per cent cluster en-suites and two per cent studios - The scheme last changed hands as recently as October 2023, when it was acquired by Innovation Control, a Lancashire-based property investment firm, for an undisclosed sum. The company was placed in administration in December last year
