Student Roost acquires two PBSA sites

Once completed, the sites will add a total of 1,850 beds to Student Roost and their UK portfolio of PBSA beds.

The Triangle student accommodation development acquired by Student Roost | PBSA News
The Triangle student accommodation development acquired by Student Roost.

Student Roost, the third-largest student accommodation provider in the UK, has acquired two sites with planning permission for purpose-built student accommodation (PBSA) in Manchester and Birmingham.

Once completed, the sites will add a total of 1,850 beds to Student Roost’s UK portfolio.

The acquisitions are meaningful additions to the Student Roost portfolio, and the development of new sites is a key pillar of the company’s growth strategy. One Medlock is Student Roost’s first asset in Manchester, while The Triangle signals the brand’s return to Birmingham

“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.”

Ashling Fox, Managing Director, Student Roost

Both assets 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.

It is hoped that these new Student Roost developments will meet the lack of quality PBSA accommodation in both cities.

“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.”

Ben Mowbray, Managing Director, UK Investment, Greystar

One Medlock, Manchester

One Medlock in Manchester was acquired from Whitbread PLC as part of its asset intensification strategy and will redevelop the former site of a Premier Inn hotel.

Dominus, a progressive developer specialising in driving urban renewal, obtained planning consent for the redevelopment and enabled the transaction.

The 37-storey building will deliver 1,014 student beds and 13,000 sq ft of resident amenities including 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 sustainability features including a green living roof, solar PV panels and sustainable materials.

“Whitbread has a clear growth plan for Premier Inn in the UK and as we continue to expand, we have an opportunity to think creatively about our estate and how our locations are matching the needs of our guests. In select locations, such as central Manchester where we have an extensive network, greater value for our shareholders can be achieved by disposing of a Whitbread-owned hotel for redevelopment into alternative uses, rather than continuing to trade the location as a Premier Inn.

“This asset intensification strategy recycles capital back into Whitbread whilst enabling us to reconfigure our hotel network for our guests. I wish the team at Greystar all the best with their redevelopment of the site.”

Mark Anderson, Managing Director for Property & International, Whitbread

Located in the Deansgate regeneration area, One Medlock is an 11-minute walk from Manchester Metropolitan University. The scheme is also a 20-minute walk from both the main and north campuses of The University of Manchester – two of the UK’s most populous universities.

The Student Roost asset is scheduled to be operational by 2028.

The Triangle, Birmingham

The Triangle in Selly Oak, Birmingham, was acquired from Galliard Homes and Apsley House Capital, and will redevelop 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. Residents will also have access to several landscaped courtyards. 

The scheme has 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.  

Selly Oak is a prime location for students studying at the University of Birmingham – one of the most undersupplied universities in the UK in terms of student accommodation – with the main campus just a nine-minute walk from The Triangle. Residents have access to public transport with Selly Oak Station a four minute walk away and a bus stop directly opposite the site.

Enabling work will start 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.

“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.

“We 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.”

Gerard Nock, Chairman, Apsley House Capital

In April Student Roost were delighted to announce that Paul Collins, Senior Operations Manager at Student Roost’s Hillfort House property in Brighton was named the first ever ‘Accommodation Hero of the Year’ at the inaugural Association for Student Residential Accommodation (ASRA) Awards.