Student Roost kicks off takeover action with a double deal

Student Roost, a Greystar and GIC company, has acquired two properties in Manchester and Birmingham in a deal worth £450m.

One Medlock, with a total of 1,850 beds, is the company’s first site in Manchester, while The Triangle signals the return of the third largest student accommodation provider to Birmingham, where it was founded.

Both properties have been acquired with planning permission and will be developed by Greystar with its in-house, global design team, directing the furnishing of rooms and break rooms in line with the newly developed Student Roost specification guide.

The former Premier Inn is set to be transformed into One Medlock in Deansgate after taking over the site from Whitbread. Developer Dominus has been granted planning permission for the conversion into a 37-storey, 1,014-bed building.

The 13,000 sq ft of resident facilities will include a gym, yoga studio, quiet study areas, meeting spaces, screening rooms, communal lounges and games rooms. Residents will also have access to two roof terraces on the 11th and 37th floors with views over Manchester. The development has been designed to achieve a BREEAM Excellent rating, with features including a green roof, solar panels and sustainable materials.

It is expected to be operational by 2028.

The Triangle building in Selly Oak, Birmingham, has been purchased from Galliard Homes and Apsley House Capital in connection with plans to transform the former Sainsbury’s supermarket. The six-storey building will provide 836 student beds and facilities for residents including a gym, social rooms, a cinema room and 13,000 sq ft of private offices.

The facility has been designed to achieve a BREEAM Very Good rating, with sustainability features including a green roof, photovoltaic panels, sustainable materials, high-quality landscaping and a target EPC rating of A.

Commissioning work will begin in late 2024, with construction scheduled to begin in the first quarter of 2025. The building is scheduled to be completed before students begin their tenure in September 2027.

Galliard Homes and Apsley House Capital hold a long-term leasehold interest on the site to build a medical center and commercial component of the development on the Bristol Road side.

Ashling Fox, Managing Director of Student Roost, said: “Acquiring new sites to expand our student accommodation offering across the UK is always an exciting event for us, but acquiring sites in Manchester and Birmingham marks a significant milestone in the history of Student Roost.

“One Medlock will be our first property in Manchester, enabling us to invest in a vibrant student community and bring the unique Student Roost experience to the northern powerhouse, while The Triangle in Birmingham will see our return to the city where Student Roost and where our headquarters is located. Our focus on resident wellbeing and providing over 22,000 students with more than one room will drive these investments, enabling us to provide safe spaces and extraordinary experiences for students in Manchester and Birmingham.”

Ben Mowbray, Managing Director UK Investment at Greystar, said: “The UK faces a chronic shortage of good quality student accommodation in leading UK university cities such as Birmingham and Manchester. We are actively seeking acquisition and development opportunities to expand the Student Roost platform in the UK. The acquisitions in Manchester and Birmingham represent an opportunity to build two new assets from scratch and implement our refreshed Student Roost design guide, which will help us create the best student housing.”

Gerard Nock, Chairman of Apsley House Capital, said: “We are delighted to be part of this transaction which brings another major investor to Birmingham. Sovereign wealth fund GIC and Greystar are leaders in their sector and we hope this transaction is the first of many. Triangle is a placemaking project in an excellent position and we look forward to delivering the best student accommodation on offer.”