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18th Jul 2018
A grade 2 listed building in Lancaster is to be transformed into student accommodation in a deal worth £14.3 million.
Robertson Property will convert the former council offices located at St Leonard's House in to a 179-bed student accommodation scheme.
The development is due to open in time for the 2019-20 academic year and will consist self-contained studios and en-suite cluster accommodation.
The development has been forward-funded on the basis of a completion value of £14.3m, reflecting a net initial yield of 6%.
Funds have been provided by Knight Frank Investment Management (KFIM), through their investment management mandate with Lancashire County Pension Fund.
Commenting on the deal, Elliot Robertson, Group Strategic Development Director at Robertson, said: "The development revitalises this historic building by retaining many of its original features while providing high quality accommodation that will improve the city's current student accommodation offering."
Meanwhile, John Styles of KFIM added: "Funding for the scheme will be provided by Lancashire County Pension Fund from an allocation it has made for investment in property located in the county of Lancashire. We are pleased to have the opportunity to regenerate an historic building and provide an important piece of property infrastructure, which will further strengthen Lancaster's status as a top UK university town."
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