Council Seeks Powers to Introduce Business Rates
19th Nov 2018
The University of Southampton could bank as much as £15 million with the sale of two of its halls of residence.
Agents Carter Jonas have been instructed to sell Bencraft Halls and St Margaret's House, which are both situated in prime residential locations.
Bencraft Halls in Bassett, currently houses three purpose-built student accommodation blocks and covers 2.3 acres. Consisting of 217 single study rooms and 16 studios, the accommodation also has parking for 58 cars.
St Margaret's House, in Hulse Road, can accommodate nearly 100 students across a mix of single study rooms and studios.
Under the sale both properties are being marketed as redevelopment projects.
Commenting on the sale, Ryan Harris of Carter Jonas, said: "The two sites present an opportunity for a development partner to take on a project within one of the largest commercial and residential hubs in the south east, which will enhance the surrounding local area."
Mr Harris went onto suggest the location of each site makes them very attractive as an investment opportunity to a wide range of end users, not just as student accommodation operators.
A university spokesman said of the sale: "The university has undertaken a review of its halls accommodation as part of our ongoing commitment ensuring our student accommodation is of high-quality and meets current student demands.
"Bencraft Halls and St Margaret's House are two of our smaller halls and are approaching the end of their usable life and so we have decided that we will put these sites up for sale."
As a result, the university will not be offering these halls to students for the next academic year, but reiterated they are committed to providing excellent facilities in their other locations.
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