Term-Time Accommodation Trends
27th Jun 2022
Plymouth's Crescent Point double towers, located in Notte Street, were originally due to open in September 2018. However, due to long running legal battles, the accommodation was never opened.
After four years, the legal battles have resulted in almost £30.8m of debts. However, it seems the events are finally coming to a conclusion.
An as-yet-unnamed party have bought the property for £10.9m. It has been announced that the accommodation will be open to students in September 2022 under the new name, Saltwater Place.
The towers are two separate buildings of 12 and 15 storeys, and have rooms for 348 students. There is also an open application to convert the ground-floor retail space (which was also never rented out) into more student accommodation.
Rooms are being advertised by Prestige Student Living for £99-£160 per week. Describing Saltwater Place as a "brand new, state of the art student accommodation" the lettings company advertised "contemporary" studios and cluster apartments, for four to six occupants, "for you to relax and unwind in". It told prospective tenants that "with just a short walk to your favourite restaurant and bar, or even to the local park, youâre in for a treat if you choose to stay here during university".
Lender, ICG Longbow, financed the construction of the towers. It is estimated that they will be left £20m out of pocket. Unsecured creditors are losing more than £8m.
A BDO progress report for the six months to November 2021 said: "Based on the agreed purchase price for the property, the joint administrators anticipate that ICG is likely to suffer a significant shortfall, following realisation of the property."
Administrators intend to close out the administration of Plymouth (Notte Street) Ltd by November 2022, dissolving the company.
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