Leading Midlands commercial property specialist Bromwich Hardy has clinched a multi-million pound deal for the sale of student accommodation in the heart of Coventry.
Quadrant Hall – which houses up to 105 students in flats of seven or 14 – has been sold to a Chinese investor in an off-market deal negotiated by Bromwich Hardy partner James Brookes.
The 34,000 sq ft former YMCA building, in Manor House Drive, will continue to be operated as student accommodation under the deal.
James said the deal demonstrated the strength of the secondary stock market beginning to develop in the city and the scale of the change in the student accommodation sector in just a handful of years.
“The Coventry student accommodation market has changed immeasurably over the past six years, with a pipeline of accommodation delivering around 10,000 new bed spaces in the city centre, backing up the educational offering from Coventry University as one of the top institutions in the country.
“Bromwich Hardy has been at the forefront of the market, helping to deliver around 3,000 new bed spaces and disposing of nearly £30 million of student developments and stock last year.
‘Working in conjunction with the university, we have helped to dispose of the majority of their older stock, in many cases reverting previously-used HMOs (houses in multiple occupation) back to residential.
“The latest sale of Quadrant Hall for continued use as student accommodation shows there is now a strong secondary stock market starting to emerge in the city.”
Prior to the sale the building had been owned and operated by the university for the last 20 years.