Student Roost acquires two new development sites in Manchester and Birmingham
Press Release
July 1, 2024
• The sites will add 1,850 beds to Student Roost’s UK portfolio.
• One Medlock is Student Roost’s first asset in Manchester.
• Both assets will be developed by Greystar.
London, 1 July 2024 – Student Roost, the third-largest student accommodation provider in the UK, has acquired two sites with planning permission for purpose-built student accommodation (“PBSA”) in Manchester and Birmingham. Once completed, the sites will add a total of 1,850 beds to Student Roost’s UK portfolio.
The acquisitions are meaningful additions to the Student Roost portfolio, and development of new sites is a key pillar of the company’s growth strategy. One Medlock is Student Roost’s first asset in Manchester, while The Triangle signals the brand’s return to Birmingham. Both assets will be developed by Greystar with its in-house Global Design team leading the fit-out of rooms and amenity spaces to a newly developed Student Roost specification guide.
Ashling Fox, Managing Director, Student Roost, said: “Acquiring new sites to expand our student accommodation offering throughout the UK is always an exciting time for us, but the acquisition of premises in Manchester and Birmingham marks a significant milestone in Student Roost’s history. One Medlock will be our first property in Manchester, enabling us to invest in the vibrant student community and bring the unique Student Roost experience to a Northern powerhouse city, while The Triangle in Birmingham will see our return to the city where Student Roost was founded and where our head office is based. Our focus on resident wellbeing and providing over 22,000 students with more than a room will lead these developments, enabling us to provide safe spaces and remarkable experiences for students in Manchester and Birmingham.”
Ben Mowbray, Managing Director – UK Investment, Greystar, said: “The UK is facing a chronic under supply of good quality student accommodation in the UK’s leading university cities such as Birmingham and Manchester. We are actively looking for acquisition and development opportunities to expand the Student Roost platform in the UK. The acquisitions in Manchester and Birmingham present an opportunity to build two new assets from the ground up and implement our refreshed design guide for Student Roost to help us create the very best buildings for students.”
One Medlock in Manchester was acquired from Whitbread PLC as part of its asset intensification strategy and will redevelop the former site of a Premier Inn hotel. Dominus, a progressive developer specialising in driving urban renewal, obtained planning consent for the redevelopment and enabled the transaction. The 37-storey building will comprise 1,014 student beds and 13,000 sq ft of resident amenities including a gym, yoga studio, quiet study areas, meeting spaces, screening rooms, shared lounges, and games rooms. Residents will also have access to two roof terraces on the 11th and 37th floors with views across Manchester. The scheme has been designed to achieve a BREEAM Excellent rating with sustainability features including a green living roof, solar PV panels, and sustainable materials.
Mark Anderson, Managing Director for Property & International, Whitbread, said: “Whitbread has a clear growth plan for Premier Inn in the UK and as we continue to expand, we have an opportunity to think creatively about our estate and how our locations are matching the needs of our guests. In select locations, such as central Manchester where we have an extensive network, greater value for our shareholders can be achieved by disposing of a Whitbread-owned hotel for redevelopment into alternative uses, rather than continuing to trade the location as a Premier Inn. This asset intensification strategy recycles capital back into Whitbread whilst enabling us to reconfigure our hotel network for our guests. I wish the team at Greystar all the best with their redevelopment of the site.”
Located in the Deansgate regeneration area, One Medlock is an 11-minute walk from Manchester Metropolitan University and a 20-minute walk from both the main and north campuses of The University of Manchester – two of the UK’s most populous universities.
The asset is scheduled to be operational by 2028.
The Triangle in Selly Oak, Birmingham, was acquired from Galliard Homes and Apsley House Capital, and will redevelop a former Sainsbury’s supermarket site. The six-storey building will house 836 student beds and 13,000 sq ft of resident amenities including a gym, social spaces, cinema room, and private study rooms. Residents will also have access to several landscaped courtyards. The scheme has also been designed to achieve a BREEAM very good rating with sustainability features including a green living roof, solar PV panels, sustainable materials, quality landscaping, and a target EPC A rating.
Gerard Nock, Chairman, Apsley House Capital, said: “We are pleased to be party to this transaction which brings another major investor to Birmingham. The sovereign wealth fund GIC and Greystar are leaders in their sector and hopefully this transaction is the first of many. The Triangle is a placemaking scheme in a prime position and we are looking forward to the delivery of the very best student accommodation on offer.
“We are retaining a long leasehold interest in the site to bring forward the medical centre and the commercial element of the development fronting onto Bristol Road.”
Selly Oak is a prime location for students studying at the University of Birmingham – one of the most undersupplied universities in the UK in terms of student accommodation – with the main campus just a nine-minute walk from The Triangle. Residents have access to public transport with Selly Oak Station a 4-minute walk away and a bus stop directly opposite the site.
Enabling work will commence at the end of 2024 with construction due to start in Q1 2025. The building is set to be operational in time for the September 2027 student intake.
ENDS
Enquiries:
FGS Global
Gordon Simpson / James Thompson / Ellen Donald
Greystar-LON@fgsglobal.com
About Student Roost
Student Roost has been owned by a joint venture partnership between Greystar, a global leader in the investment, development, and management of real estate across the living sector, and GIC, a global institutional investor, since 2022. As one of the largest student accommodation providers in the UK, Student Roost’s portfolio of 50-plus properties across 23 cities further enhances Greystar’s real estate portfolio of student and multifamily brands. To learn more, visit www.studentroost.co.uk.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $300 billion of real estate in 249 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 893,600 units/beds globally, and has a robust institutional investment management platform comprised of more than $78 billion of assets under management, including over $35 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Whitbread
Whitbread PLC is the owner of Premier Inn. Whether it is a choice of more than 85,000 rooms across 850+ hotels, beds guests won’t want to leave, tasty food, flexible rates or friendly team members who genuinely care, these are just some of the reasons Premier Inn is one of the most-loved hotels in the UK and beyond. Whitbread is committed to being a force for good in the communities in which it operates. Its sustainability programme, ‘Force for Good’ is focused on enabling people to live and work well and is built around three pillars of Opportunity, Community and Responsibility.
Whitbread PLC is listed on the London Stock Exchange and is a constituent of the FTSE.
• One Medlock is Student Roost’s first asset in Manchester.
• Both assets will be developed by Greystar.
London, 1 July 2024 – Student Roost, the third-largest student accommodation provider in the UK, has acquired two sites with planning permission for purpose-built student accommodation (“PBSA”) in Manchester and Birmingham. Once completed, the sites will add a total of 1,850 beds to Student Roost’s UK portfolio.
The acquisitions are meaningful additions to the Student Roost portfolio, and development of new sites is a key pillar of the company’s growth strategy. One Medlock is Student Roost’s first asset in Manchester, while The Triangle signals the brand’s return to Birmingham. Both assets will be developed by Greystar with its in-house Global Design team leading the fit-out of rooms and amenity spaces to a newly developed Student Roost specification guide.
Ashling Fox, Managing Director, Student Roost, said: “Acquiring new sites to expand our student accommodation offering throughout the UK is always an exciting time for us, but the acquisition of premises in Manchester and Birmingham marks a significant milestone in Student Roost’s history. One Medlock will be our first property in Manchester, enabling us to invest in the vibrant student community and bring the unique Student Roost experience to a Northern powerhouse city, while The Triangle in Birmingham will see our return to the city where Student Roost was founded and where our head office is based. Our focus on resident wellbeing and providing over 22,000 students with more than a room will lead these developments, enabling us to provide safe spaces and remarkable experiences for students in Manchester and Birmingham.”
Ben Mowbray, Managing Director – UK Investment, Greystar, said: “The UK is facing a chronic under supply of good quality student accommodation in the UK’s leading university cities such as Birmingham and Manchester. We are actively looking for acquisition and development opportunities to expand the Student Roost platform in the UK. The acquisitions in Manchester and Birmingham present an opportunity to build two new assets from the ground up and implement our refreshed design guide for Student Roost to help us create the very best buildings for students.”
One Medlock in Manchester was acquired from Whitbread PLC as part of its asset intensification strategy and will redevelop the former site of a Premier Inn hotel. Dominus, a progressive developer specialising in driving urban renewal, obtained planning consent for the redevelopment and enabled the transaction. The 37-storey building will comprise 1,014 student beds and 13,000 sq ft of resident amenities including a gym, yoga studio, quiet study areas, meeting spaces, screening rooms, shared lounges, and games rooms. Residents will also have access to two roof terraces on the 11th and 37th floors with views across Manchester. The scheme has been designed to achieve a BREEAM Excellent rating with sustainability features including a green living roof, solar PV panels, and sustainable materials.
Mark Anderson, Managing Director for Property & International, Whitbread, said: “Whitbread has a clear growth plan for Premier Inn in the UK and as we continue to expand, we have an opportunity to think creatively about our estate and how our locations are matching the needs of our guests. In select locations, such as central Manchester where we have an extensive network, greater value for our shareholders can be achieved by disposing of a Whitbread-owned hotel for redevelopment into alternative uses, rather than continuing to trade the location as a Premier Inn. This asset intensification strategy recycles capital back into Whitbread whilst enabling us to reconfigure our hotel network for our guests. I wish the team at Greystar all the best with their redevelopment of the site.”
Located in the Deansgate regeneration area, One Medlock is an 11-minute walk from Manchester Metropolitan University and a 20-minute walk from both the main and north campuses of The University of Manchester – two of the UK’s most populous universities.
The asset is scheduled to be operational by 2028.
The Triangle in Selly Oak, Birmingham, was acquired from Galliard Homes and Apsley House Capital, and will redevelop a former Sainsbury’s supermarket site. The six-storey building will house 836 student beds and 13,000 sq ft of resident amenities including a gym, social spaces, cinema room, and private study rooms. Residents will also have access to several landscaped courtyards. The scheme has also been designed to achieve a BREEAM very good rating with sustainability features including a green living roof, solar PV panels, sustainable materials, quality landscaping, and a target EPC A rating.
Gerard Nock, Chairman, Apsley House Capital, said: “We are pleased to be party to this transaction which brings another major investor to Birmingham. The sovereign wealth fund GIC and Greystar are leaders in their sector and hopefully this transaction is the first of many. The Triangle is a placemaking scheme in a prime position and we are looking forward to the delivery of the very best student accommodation on offer.
“We are retaining a long leasehold interest in the site to bring forward the medical centre and the commercial element of the development fronting onto Bristol Road.”
Selly Oak is a prime location for students studying at the University of Birmingham – one of the most undersupplied universities in the UK in terms of student accommodation – with the main campus just a nine-minute walk from The Triangle. Residents have access to public transport with Selly Oak Station a 4-minute walk away and a bus stop directly opposite the site.
Enabling work will commence at the end of 2024 with construction due to start in Q1 2025. The building is set to be operational in time for the September 2027 student intake.
ENDS
Enquiries:
FGS Global
Gordon Simpson / James Thompson / Ellen Donald
Greystar-LON@fgsglobal.com
About Student Roost
Student Roost has been owned by a joint venture partnership between Greystar, a global leader in the investment, development, and management of real estate across the living sector, and GIC, a global institutional investor, since 2022. As one of the largest student accommodation providers in the UK, Student Roost’s portfolio of 50-plus properties across 23 cities further enhances Greystar’s real estate portfolio of student and multifamily brands. To learn more, visit www.studentroost.co.uk.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $300 billion of real estate in 249 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 893,600 units/beds globally, and has a robust institutional investment management platform comprised of more than $78 billion of assets under management, including over $35 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Whitbread
Whitbread PLC is the owner of Premier Inn. Whether it is a choice of more than 85,000 rooms across 850+ hotels, beds guests won’t want to leave, tasty food, flexible rates or friendly team members who genuinely care, these are just some of the reasons Premier Inn is one of the most-loved hotels in the UK and beyond. Whitbread is committed to being a force for good in the communities in which it operates. Its sustainability programme, ‘Force for Good’ is focused on enabling people to live and work well and is built around three pillars of Opportunity, Community and Responsibility.
Whitbread PLC is listed on the London Stock Exchange and is a constituent of the FTSE.