Clearbell lets student housing at Belgrade Plaza, Coventry
Clearbell Capital, the private equity real estate fund manager, today announces that Clearbell Property Partners II LP (Clearbell) has let 64 one and two-bedroom flats to Future Lets, the Coventry University housing department, at Belgrade Plaza on a 12-year lease for the entire residential block.
Belgrade Plaza is a 129,500 sq ft mixed-use site at the heart of Coventry, built in 2008, offering residential, leisure and retail facilities. It is made up of the residential apartments, a 120-bed hotel, 4 restaurant/leisure units and a gym. The site has recently undergone refurbishment, including the re-decoration of its common areas and the introduction of energy efficient lighting.
Clearbell acquired the asset in 2016, with plans maintain the residential occupancy and pursue lease re-gears with the hotel and restaurant tenants.
Dominic Moore, Head of Asset Management at Clearbell Capital, said: “Coventry is a city undergoing great change. It has always had significant economic drivers, including strong local industry and the two Universities. Yet to date Coventry has lacked sufficient residential accommodation and facilities to match growing demand to live and work in the city.
“As the home of both Coventry and Warwick Universities, there is a particularly strong need for accommodation for students and staff in Coventry. This long-term letting at Belgrade Plaza demonstrates the desire for universities like Coventry to ensure supply of high-quality student and staff accommodation.”
Obi Okwuadigbo, Managing Director at FutureLets, said: “The need for more student accommodation is well documented and people can see the new schemes being developed in the city centre. We also need to ensure there is enough accommodation for staff and visitors and that’s the reason behind our decision to lease Belgrade Plaza. The lease has been taken over 12 years and began at the end of August this year in time for the academic year ahead.”
This letting follows news last month of a lease extension to Premier Inn on the 120-bed hotel at Belgrade Plaza to 2038. Clearbell was advised by Bromwhich Hardy.