A Midlands-based student accommodation company has announced a £30 million investment into Nottingham.
Study Inn Group, which manages more than 1800 student rooms across the UK, has acquired Lambert House in Talbot Street, currently the home of Experian.
Study Inn sold its ‘Portfolio 1’ of 10 sites (1,500 rooms) in Coventry, Nottingham, Sheffield and Cambridge to international investment firm Arlington Advisors (Arlington) 12 months ago but continues to manage Portfolio 1 for Arlington under the Study Inn Brand and is now building ‘Portfolio 2’ with 300 rooms already trading in Bristol and a further 1,000 in secured pipeline.
Earlier in the week it also announced a £20 million investment in Loughborough and will be discussing both schemes at MIPIM – the world’s largest commercial property development and investment show – next month.
Experian will remain in Lambert House until the end of September 2019 and the re-developed property is planned for opening in September 2020 with 300 rooms and innovative communal space.
Study Inn was founded in Coventry in 2009 by hotel and construction specialists Edward Jefferson and Kieran Leahy and has built its success on the regeneration of well-located existing buildings providing high-quality, secure, well managed, serviced rooms in town and city centres.
This regenerates empty buildings, creates jobs and drives up footfall which benefits the local retail and leisure economy and reduces pressure on housing in the suburbs.
Co-founder Edward Jefferson said: “Lambert House is a landmark building in Nottingham and fits our model of being able to bring regeneration and economic vitality as well as the highest standard of accommodation. Having operated in Nottingham since 2012, we know the City well and this is an excellent addition to the Portfolio.
“Student accommodation and build to rent residential are maturing markets and we continue to innovate and provide for the subtle changes that are so important to recognise and this will be evident in our new schemes.
“We have been looking at all areas in the UK and are seeking to further expand our Portfolio 2 in 2019 and 2020. We are scheduling meetings with local authorities institutions and private vendors at the MIPIM property exhibition next month.
Study Inn is a member of the Coventry & Warwickshire MIPIM Partnership which is made up of around 20 private sector companies and organisations who promote the area’s presence at the four-day event as part of the UK Midlands.