Crosslane announced on 9th December that it advised St Regent Limited Partnership (“St Regent”) on the successful sale of its 148 bed student accommodation property, Meadow Court, at Sciennes in Edinburgh, to McLaren Property (“McLaren”) for a total purchase price of £10 million.
Prime Student Living, the student accommodation lettings and operational management arm of Crosslane, ensured that Meadow Court was fully let for the last five years, including the 2016/17 academic year, and will continue to manage the property on behalf of McLaren.
Meadow Court, acquired by St Regent in 2011 and refurbished in 2012, comprises high quality cluster flats with three to six bed and five-bed Mews Houses. It offers students excellent communal facilities, including a well-specified kitchen and laundry facilities in each flat. In addition, each flat has free Wi-Fi and a lounge with flat screen TV. The property also boasts on-site management and maintenance, bike storage and car parking.
The property is just a five-minute walk away from George Square, which lies right at the heart of the University of Edinburgh’s main central Campus. Meadow Court is located just to the north of Edinburgh Waverley station, and the Old Town and city centre are both within a short walking distance from the property.
Edinburgh is a vibrant, cosmopolitan and historic city and home to four universities with a total student population of some 47,000. The University of Edinburgh is ranked in the top 20 of The Sunday Times and The Guardian university league tables.
Cushman & Wakefield acted for Crosslane and Knight Frank acted for McLaren.
Commenting, James Metcalf, Co-Founder and Director, Crosslane, said:
“Crosslane is pleased to have advised St Regent on the sale of Meadow Court in Edinburgh, successfully generating returns to St Regent’s investors through hands-on management and operational expertise, which has increased the property’s asset value since 2011. The supply/demand fundamentals for student accommodation in Edinburgh persists and Crosslane continues to grow its identified pipeline of potential student accommodation investments in the city and other prime university cities in the UK and Continental Europe.”
Stuart Black, Development Director at McLaren, added:
“McLaren’s student accommodation strategy focusses on prime university cities in the UK, underpinned by high demand from international students, restricted supply through tighter planning policy and supported by world renowned universities. We are pleased to have acquired Meadow Court, Edinburgh, which brings our total number of student accommodation beds, brought forward through development, to approximately 4,000 student beds.”
Simon Lowe, Associate Partner at Cushman & Wakefield, commented
“We are pleased to have advised Crosslane on this transaction, which exhibits strong underlying property fundamentals. It is very well located, non-en suite product exposed to the dominant university in Edinburgh.”