Student Housing Glasgow – Union Hanover is putting its Kelvin Grove student housing in Glasgow up for sale.
The Kelvingrove area of Glasgow is becoming very busy with students, this has created a real buzz around the area and local shops and businesses have flourished. The area is now a prime site for student housing and student rental properties.
Union Hanover has appointed investment agents Lewis Sutton to sell the 116-bed scheme, which is located a short walk from the University of Glasgow.
Union Hanover managing director Eric Jafari said the company – which has a £350m development pipeline in the UK – was selling the scheme to focus on its hotel projects.
The development – which opened in September with an initial 85% occupancy rate – transformed a disused petrol station into a five-storey student housing scheme spanning 12,9000 sq ft. It also has a 4,800 sq ft convenience store let to Tesco on a 20-year lease.
The Kelvin Grove project was a joint venture with Seaforth Developments and was jointly funded by Equity Bridge Asset Management and a Shariah compliant loan from Qatar Investment Bank. Student housing Glasgow
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