Prime Student Living Secures Lease Agreement with UOB

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The new accommodation will encompass 90 en suite rooms at Harbour Court in Bristol

Prime Student Living, the lettings and management arm of the Crosslane Group, is pleased to announce that it has negotiated on behalf of the Victus European Student Accommodation Fund (“VESAF”) a new Lease Agreement with the University of Bristol in respect of 90 en suite bedrooms at the VESAF Harbour Court student accommodation development in Bristol.

The Lease Agreement commences in September 2017 for a period of three years over which time the bedrooms at Harbour Court will be let at current market rates to students provided by the University of Bristol, which will guarantee 100% of the annual income.

The remaining 43 self-contained en suite studios at Harbour Court are marketed directly through Prime Student Living and are already fully booked for the 2017/2018 academic year. Prime Student Living has managed Harbour Court since practical completion of the building in September 2014, following its development by Crosslane on behalf of VESAF, and the building has been fully occupied every year since.

Harbour Court is a purpose-built, high specification student accommodation scheme comprising 87 en suite flats in clusters of between 3 and 5 bedrooms, a one bedroom apartment and 45 studios. The property benefits from dedicated communal areas, including a common room, a private outdoor courtyard, cycle storage and superfast broadband and Wi-Fi. Its location is conveniently situated on Anchor Road, just to the south-west of Bristol city centre and a short walk to the Bristol University main campus and the city’s main shopping centre.

The University of Bristol is one of the most popular and successful universities in the UK, and was ranked in the top 10 UK universities by the Times Higher Education World University Rankings 2016-17. The university has seen consistent increases in student numbers and currently has over 18,000 students with around a quarter being from overseas. Demand for purpose-built student accommodation in the city continues to outstrip supply.

Tommy Styles, Operations Director of Prime Student Living, said:

“The new Lease Agreement provides the University of Bristol, one of the UK’s top universities, with dedicated access to much needed premium accommodation for its students, and provides committed income for 90 en suite bedrooms at Harbour Court for three years. Prime Student Living looks forward to a strong working relationship with the University of Bristol going forward.

While the focus of Prime Student Living across the rest of the portfolio under management remains on direct-let student accommodation, we will assess the dynamics of each particular market and implement the most appropriate rental strategy for each asset to drive maximum value.”

 

 

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