A prominent office building in Leicester city centre has been sold to student accommodation developer and operator Study Inn Group.
Study Inn has bought Reynard House on the corner of Welford Road and Norton Street for an undisclosed amount.
The building, close to De Montfort University and the University of Leicester, is made up of around 26,000 sq ft of vacant office space.
It has planning permission for change to residential use with an extension on a derelict corner of the plot on the Welford Road side.
When complete it could provide 79 apartments.
As well as being close to the shopping and bar areas around Market Street and Belvoir Street, it is also within walking distance of the city centre and railway station.
Cushman & Wakefield advised the vendor on the sale.
Study Inn Group manages 2,000 high quality serviced rooms in Coventry, Nottingham, Sheffield, Cambridge, Bristol and Loughborough.
Its 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.
“Our track record of disposing conversion opportunities, particularly in Leicester, is unparalleled in the market place. We would urge land and property owners to get in touch if they are considering a disposal.”
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.
That six-storey Charles Street office block was sold for £1.5 million, to be turned into apartments.
It has 20 car parking spaces at the rear.
