Lancaster student accommodation scheme acquired by Leeds developer in £6.5m deal
The part complete development in Cable Street - which includes a Grade II Listed building - has been acquired by Leeds based Priestley Homes.
The site - opposite the city's bus station - also includes a new-build five-storey accommodation block with 89 student apartments at the rear.
The developer, which is part of the Priestley Group, has appointed sister company, Priestley Construction, to finish the 19,217sqft new-build element, ready for the start of 2021/22 academic year in September.
The contractor said it will also undertake a sympathetic conversion of 5 Cable Street, which was previously The Georgian Working Men's Club.
The ground and first floor of the conversion will be designed to provide a common room arranged over two levels, creating a social hub for residents, as well as ancillary facilities.
It will link through to the new-build studio accommodation via a glass link.
Priestley Homes said it specialises in the regeneration of historic buildings, with several award-winning, high-specification residential schemes across the North of England and London.
The company has previously delivered fully managed student accommodation, including The Grand Mill in Bradford, a development of 67 student apartments, and Rivermill Court, comprising 27 luxury student apartments in Leeds.
Nathan Priestley, chief executive officer of the Priestley Group, said: “We are a Yorkshire business with big ambitions.
"Cable Street is our largest value single acquisition to date; it is a great addition to our growing portfolio.
“Our talented construction team will complete the apartments to our industry-renowned high standards and transform the Grade-II listed building into a striking, modern communal area for students to enjoy.
“The market is robust, and this is one of several high value purchases we have secured during the coronavirus period, with no signs of slowing.
"We are committed to breathing life into historic buildings and undertaking new-build projects with efficiency and quality.
"To meet this commitment, we have our eye firmly on acquisitions in other key cities as we move into 2021, working with Priestley Construction to bring the developments to life.”