A leading Midlands commercial property specialist Bromwich Hardy has completed a multi-million pound deal for the sale of a 34,000 sq ft student accommodation in the heart of Coventry.
Quadrant Hall, which houses up to 105 students has been sold to a Chinese investor in an off-market deal negotiated by Bromwich Hardy partner James Brookes.
Highlighting what this deal means for Coventry, James said that the sale demonstrated the “strength” of the city, stating: “The Coventry student accommodation market has changed immeasurably over the past six years, with a pipeline of accommodation delivering around 10,000 new bed spaces in the city centre, backing up the educational offering from Coventry University as one of the top institutions in the country.”
Prior to the sale, the building had been owned and operated by Coventry University for the last 20 years.
Despite the buyer being an overseas investor, the former YMCA building in Manor House Drive will continue to operate as student accommodation as part of the deal.
James concludes: “The latest sale of Quadrant Hall for continued use as student accommodation shows there is now a strong secondary stock market starting to emerge in the city.”