Ropemaker Properties acquires a prime Colchester purpose-built student accommodation (PBSA) asset – Elmstead Place Colchester – from Osborne Developments for £15.9m, following strong interest and competitive bidding. Avison Young and Longstreet Consulting acted for Osborne and Ropemaker Properties were represented by Savills.
“The interest generated by the sale of Elmstead Place re-enforces the value of our developer/contractor model and our strategy of stabilising our PBSA assets prior to exit. This is a great asset and we are delighted to have concluded a sale to Ropemaker Properties.”David Podesta, Head of Development Management & Operations, Osborne Developments
The 1.85 acre Elmstead Place development was completed in 2020 and is adjacent to the University of Essex’s Wivenhoe Park campus. The university is a growing institution, with 20/21 full-time student numbers increasing by 10% on the previous year. Elmstead Place was fully let for the 21/22 academic year and continues to outperform letting expectations.
The development includes 138 student beds, arranged primarily within 15 self-contained townhouses. The scheme also includes onsite amenities and high-quality 27/7 management.
“We’re delighted to have purchased this exceptionally well designed and well located asset in a university with strong growth aspirations.”Paul Hillier, Portfolio Manager, Ropemaker Properties
Osborne Developments, who focus on the Educational and Residential sectors, acquired the land and secured planning consent for Elmstead Place before building out using their in-house construction division. The company also retained direct management of the development during the period of their ownership. Osborne Developments are also reviewing more sites to deliver the townhouse model, where they will also utilise the groups off-site manufacturing capabilities to build the houses off-site.