A former industrial site located off Seaford Road, encompassing 1.5 acres and earmarked for a student accommodation project, is currently available for purchase. Team Quest International, based in the British Virgin Islands, has enlisted the services of London-based Estate Office Property Consultants to facilitate the sale, with bids starting at £5.5m.
The Development Plans
Team Quest acquired this site for £902,000 in 2017. Following its acquisition, the landowner successfully secured planning approval to redevelop the plot into a purpose-built student accommodation facility, comprising a total of 412 beds across five- and six-storey structures. This approval, granted by the city council in January 2023, confirmed the consent had been executed earlier this year.
Project Details and Financial Outlook
The proposed development will include 148 cluster flats, strategically designed to cater to the needs of students in the area. According to marketing materials, the anticipated rental income from the development is projected to be around £4.4m annually, which highlights the investment potential of this project.
Location Advantages
Situated at the intersection of Seaford Road and Frederick Road, the site is in close proximity to the University of Salford, making it an attractive option for student accommodation. The demand for purpose-built student accommodation remains robust in the UK, particularly in university towns where student populations are rising.
Market Implications
This opportunity underscores the ongoing interest and investment in the UK PBSA market. With significant developments like this one coming to market, investors may find promising returns on investment, especially given the increasing demand for quality student housing. The combination of location, planning approval, and expected rental yields makes this site an appealing prospect for potential buyers.