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Student Roost acquires Manchester development site from Whitbread

1 Jul 2024 Estate, Property

Medlock St Marketing 2022 View01 Final [high Res]

Whitbread PLC has disposed of a Manchester development site to Student Roost, the third-largest student accommodation provider in the UK, as part of the company’s asset intensification strategy.

The sale of the site once occupied by the Premier Inn Manchester Deansgate hotel was part of two site acquisitions with planning permission for purpose-built student accommodation (“PBSA”) by Student Roost.

Once completed, the sites will add a total of 1,850 beds to Student Roost’s UK portfolio in Manchester and Birmingham.

The acquisitions are meaningful additions to the Student Roost portfolio. The site of the former Premier Inn Deansgate hotel at One Medlock is Student Roost’s first asset in Manchester, while The Triangle signals the brand’s return to Birmingham. Both assets will be developed by Greystar with its in-house Global Design team leading the fit-out of rooms and amenity spaces to a newly developed Student Roost specification guide.

Mark Anderson, Managing Director for Property & International, Whitbread, said: “Whitbread has a clear growth plan for Premier Inn in the UK and as we continue to expand, we have an opportunity to think creatively about our estate and how our locations are matching the needs of our guests. In select locations, such as central Manchester where we have an extensive network, greater value for our shareholders can be achieved by disposing of a Whitbread-owned hotel for redevelopment into alternative uses, rather than continuing to trade the location as a Premier Inn. This asset intensification strategy recycles capital back into Whitbread whilst enabling us to reconfigure our hotel network for our guests. I wish the team at Greystar all the best with their redevelopment of the site.”

Dominus, a progressive developer specialising in driving urban renewal, obtained planning consent for the One Medlock Street redevelopment and enabled the transaction.

The 37-storey building will comprise 1,014 student beds and 13,000 sq ft of resident amenities including a gym, yoga studio, quiet study areas, meeting spaces, screening rooms, shared lounges, and games rooms. Residents will also have access to two roof terraces on the 11th and 37th floors with views across Manchester. The scheme has been designed to achieve a BREEAM Excellent rating with sustainability features including a green living roof, solar PV panels, and sustainable materials.

Located in the Deansgate regeneration area, One Medlock is an 11-minute walk from Manchester Metropolitan University and a 20-minute walk from both the main and north campuses of The University of Manchester – two of the UK’s most populous universities. 

The asset is scheduled to be operational by 2028. For the full press, release please see here: Student Roost acquires two new development sites in Manchester and Birmingham | Greystar

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