HUNDREDS of student flats in Huddersfield are being sold in a multi-million pound deal.
The Snow Island and Firth Point properties – containing 627 beds – are to change hands for £26.6m.
The accommodation blocks, on Kingsmill Lane and Firth Street, are among 11 across the UK being sold by the Unite Group, the country’s biggest manager of student housing.
They will be taken over by Swanbourne, which already owns Storthes Hall and Ashenhurst Student Village.
Unite said the nationwide sales, totalling £178.6m, were 2.8% more than the properties were valued at in December.
It said the money would help pay off debts and provide funds for future investments.
Chief executive Mark Allan said: “These sales, at prices above the December valuations, provide strong evidence of the resilience of the student accommodation sector at a time when more general property values are under significant downward pressure.
“The sales are consistent with our stated strategy of focusing our capital on higher growth markets and they provide the group with significant additional funds at a time when we expect attractive opportunities to emerge.”
Snow Island provides en-suite bedrooms in shared flats of three to six students.
Every room has an internet connection and there is also a large open plan common room with pool table and television.
Firth Point has flats for four to six students with internet connections and televisions.
Swanbourne’s acquisition of the town centre properties takes the number of student beds it manages to more than 2,000 in Huddersfield.
The company took over the 1,700-bed Storthes Hall complex in 2006.
The deal with Unite is expected to be ties up by the end of the year.
