Address: Athena Apartments &
Oxford House, Leicester, UK
No of Beds:
In late 2014, RedOak Property acquired two Purpose Built Student Accommodation properties (Athena Apartments and Oxford House) in Leicester city centre. These properties are located in close proximity to both De Montfort University and the University of Leicester.
At the time of purchase the properties were in a poor condition and no longer fit for purpose. The occupancy rate for one of the buildings was 35%.
RedOak Property undertook a heavy refurbishment of the buildings including an internal reconfiguration, new fit out including kitchens and bathrooms, new fixtures and fittings.
Oxford House did not require such an extensive refurbishment as Athena Apartments but still needed a full fit out of all the bathrooms, new fixtures and fittings and some internal configuration changes.
After extensive refurbishment, we successfully increased the net rent by 4x. Following these works, both buildings have been fully occupied every year. We benefited from the income stream for over three years and sold the assets to a large student operator at a significant uplift to purchase price.