A prominent office building in Leicester city centre has been sold to student accommodation developer and operator, Study Inn Group.
Study Inn has purchased Reynard House for an undisclosed amount. Cushman & Wakefield advised the vendor on the sale.
Reynard House comprises vacant former office space and is located to the south of Leicester city centre on the corner of Welford Road and Norton Street. The site is within walking distance of the railway station and both the University of Leicester and DeMontfort University.
The building has full planning permission for conversion to residential use and an extension of the existing building to provide 79 apartments.
Study Inn Group manages 2,000 high quality serviced rooms in Coventry, Nottingham, Sheffield, Cambridge, Bristol and Loughborough.
Study Inn’s Acquisition Manager, Jack Jefferson, said: “This this is another well located building in a good university city and we are very pleased to be adding it to our portfolio.”
Joe Williams, Associate in Cushman & Wakefield’s Residential team said: “The sale is further evidence of the strong demand for residential and student development opportunities within the East Midlands. Study Inn will undoubtedly deliver high quality student accommodation ideally located for De Montfort’s students.”
The sale is one of four office buildings Cushman & Wakefield’s residential team have successfully sold in Leicester in the past 12 months, most recently the sale of Pannell House which was sold to a private investor for residential conversion earlier this year.