Singapore Press Holdings Limited (SPH) acquires Norwich PBSA development site
Avison Young and Longstreet Consulting, acting on behalf of Osborne Developments, have secured the off-market sale of Newgate Place, a consented 252-bed purpose-built student accommodation (PBSA) scheme in Norwich to SPH. The sale completed in May and the price reflected some preliminary site works undertaken by Osborne.
Situated in the city centre and well located to provide accommodation to students from the University of East Anglia, Norwich University of the Arts, and City College Norwich, the 0.84-acre site benefits from consent for a purpose-built student accommodation scheme, over ground and six upper floors.
Simon Lowe, Director Residential Investment – Student Housing, Avison Young and Bruce Clark, Managing Director at Longstreet Consulting, said: “The sale demonstrates the continued strength of the PBSA market, with strong demand for development sites, particularly those that are ‘shovel-ready’ like Newgate Place. We were delighted to have assisted Osborne Developments in the disposal and at a price which reflects both the quality of the location and of the consented scheme.”