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Clearbell Acquires Southampton Scheme

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

A fund managed by Clearbell Capital has purchased the Lucia Foster Welch purpose-built student accommodation in Southampton from the housing association Optivo.

Optivo acquired the 800-bed scheme Ocean Village in 1995 on a 25-year deal with Southampton Solent University. The contract has now come to an end and Optivo has made the decision to consolidate their student offering in London and Eastbourne.

Clearbell is to work with Iceni Property Asset Management to manage the building, which will be done so under the Every Student brand.

The building will be refurbished to provide quality, affordable accommodation. The project is expected to be finished in the summer of this year.

Commenting on the deal, Rob Mills, Partner at Clearbell Capital and the project lead, said: "Southampton is a vibrant and energetic student city, and Lucia Foster Welch is in the perfect spot for students. Whilst many students continue to study remotely and live at home due to the Covid-19 pandemic, we believe by September 2021 there should be a greater influx of students into Southampton who will benefit from a modern, secure and affordable place to live."

Matthew McAdden, Founding Director and CEO at Iceni Property Asset Management added: "We are delighted to have launched Every Student, working in partnership with Clearbell. Our focus will be on delivering quality, affordably-priced accommodation, and on the wellbeing of our student customers."