Avison Young and Longstreet Consulting, acting on behalf of Osborne Developments, have secured the off-market sale of Newgate Place, a consented 252-bed purpose-built student accommodation (PBSA) scheme in Norwich to Singapore Press Holdings Limited (SPH). The sale completed in May and the price reflected some preliminary site works undertaken by Osborne.
Situated in the city centre and well located to provide accommodation to students from the University of East Anglia, Norwich University of the Arts and City College Norwich, the 0.84-acre site benefits from consent for a PBSA scheme over ground and six upper floors.
“The sale demonstrates the continued strength of the PBSA market, with strong demand for development sites, particularly those that are ‘shovel-ready’ like Newgate Place. We were delighted to have assisted Osborne Developments in the disposal and at a price which reflects both the quality of the location and of the consented scheme.”Simon Lowe, Director Residential Investment – Student Housing at Avison Young and Bruce Clark, Managing Director at Longstreet Consulting
Osborne is a developer, builder, offsite manufacturer, and property maintenance business with a different approach. Delivering that difference comes from consistently living and breathing Osborne’s values and behaviours, creating far reaching benefits to customers and their end users; delivery with a difference that adds value by delivering a good quality product, making the project experience easy, and optimising the performance of their customers assets.