Property management company specialising in transforming undervalued schemes – Resify – completes work on behalf of L1 Property on phase one of Phoenix Court, a project to convert a Sheffield student block into all-purpose residential accommodation. The entire second floor consisting of 29 student apartments have been reconfigured and refurbished – and are now fully let. The first floor refurbishment, which has a similar number of units, has already begun.
A 1920s grade one listed former fire station, Phoenix Court was converted into student accommodation and extended in the early 1990s. Phoenix Court is situated in Rockingham Street within the city centre, less than ten minutes’ walk from the city’s two universities, close to bars, offices and shops and 15 minutes from the train station. Occupancy levels plummeted during the pandemic as students stayed away, so L1 Property began working with Resify last year to explore other options.
The accommodation consisted of a cluster of two or three bedrooms units with a shared kitchen and bathroom but no dedicated living space. This has now been reconfigured to create one and two bedroom apartments with separate living rooms, with a number of the apartments being made open plan.
“Phoenix Court is a historic building set in a prime location; however the décor and layout were dated and rental yields well below par for the area. Given the wealth of student accommodation in Sheffield, it made sense to create multi-purpose apartments that appeal to a wider range of occupants.”Obi Williams, Managing Director, Resify
Resify is also reconfiguring and reposition the remaining two floors, which had previously been refurbished by another contractor but which had kept the original layout. The entire project is due to be complete by the end of April 2022. Resify has also been working closely with property management firm Leaders throughout the project.
“We are delighted with the response from tenants, which demonstrates the demand for high-quality, fully furnished apartments in the city centre. The project also shows how an understanding of the local market and a creative approach can transform a single-use development in areas of oversupply.”Obi Williams, Managing Director, Resify
L1 Property, which is the UK property investment arm of fund manager L1 Capital, invests in existing and modern residential property with potential for capital growth in major UK cities outside London. It seeks to add value by bringing capital to underinvested assets.