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Albert Place in Newcastle Sells for £10.4m

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

A block of student accommodation in Newcastle has been sold to overseas investors for £10.4m.

Albert Place in Shieldfield, Newcastle, has been sold by Crosslane Student Developments to the real estate specialists Kout Advisory on behalf of a Middle Eastern investment group.

Under the deal, Prime Student Living will continue to manage the 134-bed property until at least August 2020.

Commenting on the sale, Michael Moran, development manger at Crosslane Student Developments, said: "Crosslane is pleased to have completed the sale of Albert Place in Newcastle, successfully generating returns to its investors by increasing the property's asset value since acquiring the freehold site in August 2016: obtaining planning consent in April of that year and completing construction on time and within budget ahead of the start of the 2017/18 academic year."

"Crosslane remains active in strengthening its identified pipeline of potential investment opportunities to further grow our successful student accommodation business in key university cities and towns across the UK."

Since 2014 Crosslane has delivered four student developments in Newcastle with a combined 700 bed spaces.

Albert Place was completed last September, in time for the 2017-18 academic year.

Christopher Lawton-Smith, head of European real estate at Kout Advisory, said of the sale: "Our clients are focused on UK 'Russell Group' towns and buildings where the number of units is smaller than those required by the larger institutional investors."

"Arguably, Newcastle has a good level of student accommodation, but this property appealed due to its close proximity to Northumbria University and is operated and managed by a market leader."