Adhan Group has acquired the 244-bed Friargate Court purpose-built student accommodation (PBSA) campus in Preston city centre from administrators FRP Advisory.
Delivered in 2016, the scheme cost more than £20 million to build. It comprises cluster en-suite rooms and studios, with on-site amenities including a gym, communal lounge, games area and retail space.
About Friargate Court
Friargate Court is located in central Preston and provides purpose-built student beds rather than converted family housing. The property occupies a Friargate address close to the city centre’s retail and transport links.
Amenity space includes a gym, communal lounge and games area for residents.
Accommodation is arranged as cluster en-suite rooms and self-contained studios, with ground-floor retail integrated into the campus layout.
Marketing and transaction
Knight Frank marketed the asset with a guide price of £9.75 million ahead of the sale. The acquisition was reported at £20 million following FRP Advisory's appointment as administrator to the property.
Portfolio strategy
Working alongside strategic partners, Adhan Group's retail division is actively pursuing similar PBSA opportunities across the UK and intends to complete further acquisitions within the next 12 months.
Friargate Court serves students in Preston, including those attending the University of Central Lancashire.