MCR acquires Sheffield PBSA portfolio
The property group has bought a trio of assets comprising 1,163 beds from Unite.
The assets – Archways, Leadmill Point, and Westhill Hall – come with 218, 446 and 499 beds respectively.
It takes MCR’s Sheffield portfolio to almost 2,000 beds across six locations, with the properties to be operated through its Flow Student platform.
MCR already operates Park Village, The Moor and Truro Works in the city.
All three newly acquired assets are within one mile of either the University of Sheffield or Sheffield Hallam University, while Archways and Leadmill Point are around a five-minute walk from Sheffield railway station.
MCR plans a multi-million-pound refurbishment of Leadmill Point, alongside targeted improvement works at Archways and Westhill Hall.
The transaction was agreed directly between MCR and Unite, with JLL acting as selling agent and comes as MCR continues to expand its student accommodation business through acquisitions, development, and investment in existing assets.
The group expects Flow Student to reach 10,000 beds this year, with further opportunities in the pipeline.
The platform currently operates across university cities including Sheffield, Liverpool, Coventry, Sunderland, Nottingham, Canterbury, Bradford, and Preston.
Sheffield has a student population of more than 65,000, with MCR’s acquisition appraisal identifying a shortage of PBSA relative to the city’s overall student population.
William Mullery and Nick Lake represented MCR on the acquisition, while Huw Forest of JLL acted for Unite. Deloitte advised MCR on legal matters, with Charlotte Bayliss leading the team. Flow Student will operate the newly acquired portfolio.
Nick Lake, fund director at MCR Property Group, said: “Sheffield is a market we know well and one where we have continued to build real scale.
“This acquisition takes our presence in the city to almost 2,000 beds and establishes Flow Student as one of Sheffield’s largest private student accommodation operators.
“The opportunity was particularly attractive because these assets complement our existing Sheffield portfolio and give us greater operational scale within a concentrated area.”
Richard Bolger, head of student operations at Flow Student, said: “The University of Sheffield has performed particularly well in the rankings this year, while Sheffield Hallam remains a major part of the city’s student population and overall appeal.
“Together, they make Sheffield a market where we have real long term confidence. This additional scale allows us to build stronger operational teams, invest more effectively in the buildings and give students a wider choice of accommodation across the city.
“Occupancy and bookings across Flow are performing positively, and our focus now is on maintaining that momentum as these properties are integrated into the portfolio.”
