Student Roost kicks off acquisition drive with double deal

Student Roost, the Greystar and GIC-owned business, has acquired two schemes in Manchester and Birmingham in a deal thought to be worth £450m.

With a combined 1,850 beds, One Medlock marks the firm’s first asset in Manchester, whilst The Triangle signals the third-largest student accommodation provider’s return to Birmingham – where it was founded.

Both assets have been acquired with planning permission and 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.

A former Premier Inn hotel is set to be transformed into One Medlock in Deansgate after the site was acquired from Whitbread. Developer Dominus secured planning consent for the redevelopment into a 37-storey building, comprising 1,014 beds.

13,000 sq ft of resident amenities will include 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 features including a green living roof, solar PV panels, and sustainable materials.

It’s scheduled to be operational by 2028.

The Triangle in Selly Oak, Birmingham, was acquired from Galliard Homes and Apsley House Capital, with plans in place to transform 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.

It’s 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.

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.

Galliard Homes and Apsley House Capital 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.

Ashling Fox, managing director of 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 of UK Investment at 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.”

Gerard Nock, Chairman of 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.”