A notable transaction has emerged in the UK PBSA market with the sale of Londonderry House, a 175-bed purpose-built student accommodation located at 2 Newton Street in Birmingham city centre. Sold prior to auction for £1.5 million, the final sale price exceeded the initial guide price of £695,000 by an impressive 115%. Craig Upton, Marketing Director at Bond Wolfe, noted that this remarkable price was achieved through a competitive bidding process with an undisclosed buyer.
The Property Details
Londonderry House, which has been vacant since 2021 following a notice from the fire authority due to non-compliance with fire regulations, was built above a car park and is strategically located near Aston University and Birmingham City University. The ground floor features a reception area along with various accommodation services, while the large car parking facility is accessed via Dale End.
Accommodation Features
The accommodation comprises 175 bedrooms, including eight studios and 167 en-suite rooms, each with shared kitchen facilities on every floor. Access to all floors is facilitated by both lifts and staircases from the reception area, with communications rooms available on each half landing. Additionally, the property includes a roof area over the sixteenth floor, which houses essential facilities such as a lift engine room, generator room, and a water tank room.