Q Investment Partners successfully acquire prime Sheffield student accommodation development opportunity

Monday, 14 August 2017

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Q Investment Partners (Q.I.P.) are pleased to announce they have successfully completed the purchase of 52-56 West Street, Sheffield, a student accommodation development opportunity located in Sheffield City Centre.

The site has planning consent for a 284-bed scheme that will provide a mix of high quality ensuite cluster flats and studio accommodation, alongside communal and amenity spaces for the residents. Construction is due to begin on-site shortly, with the scheme planning to open in September 2019.

Roger Lown, Senior Director at GVA, who advised Q.I.P. on the purchase comments: “GVA is pleased to have been able to assist Q.I.P. in the acquisition of their student accommodation development site in Sheffield. The site on West Street is incredibly well located close to Sheffield University and Sheffield Hallam, as well as the city centre, and will prove very popular with students. The purchase also illustrates the continued attractiveness and confidence in the UK Student Housing market to international investors, with the asset class continuing to perform well.”

Ben Hall, Senior Investment Manager at Q.I.P. in Singapore says: “There are approximately 60,000 students in Sheffield and whilst many of them live in conditions of variable quality in converted houses, there is a burgeoning demand for modern, well-equipped, purpose-built apartments that are, crucially, located in or near the city-centre. This is a fundamental sea change from ten or twenty years ago when city centre living was seen as undesirable. Nowadays, this is where students want to live and there is a severe undersupply in nearly every city that features sizeable universities.

We saw value in this development because of its ideal location near to both Sheffield University and Sheffield Hallam University, and it will be delivered in time for the 2019 academic year. Nottingham is now on our radar and we look forward to announcing more details in the coming months.”

Alex Bellingham, Head of Capital Raising at Q.I.P. in Singapore says, “Our clients are primarily Asian-based High Net Worth Individuals and family offices. These investors are seeking real estate opportunities that are as recession-proof as possible and Purpose Built Student Accommodation is ideal, given the quality of UK universities and the subsequent demand this is creating.”

Bellingham explains that Asian investors co-invest with Q.I.P. through a business model that works on an asset-by-asset approach.

“Our investment strategy is ‘buy, develop, operate and sell’. It’s a straightforward approach that ensures investors know what they are buying into, what the process is and what the ultimate exit strategy is. We will execute this strategy with our co-investment partners and local development management team, DML Development Managers Ltd. DML are based in London and led by Kevin McGovern who has a team of 16 real estate professionals. We have had significant interest in Asia which meant we were able to reach our target fund raising ahead of schedule and we are very confident that our next Nottingham development will prove as successful.”

Q Investment Partners successfully acquire prime Sheffield student accommodation development opportunity