Arlington Investors has completed its first development, reaching practical completion at the 492-bed city centre scheme Bagot Street 2. The development comprises 442 cluster apartments and 50 studios across two towers, one at 16 storey’s and one at 11, bringing the total number of Arlington-owned beds in Birmingham to 1,752. The site was acquired in 2016 as part of a deal which also included seven operational assets across Birmingham, Cheltenham, Exeter and Gloucestershire. Student accommodation specialist Campus Living Villages (CLV) has been appointed as an accommodation operator. The property is less than a five-minute walk from Aston University and under a 10-minute walk from Birmingham city centre.
Sean McKeown, Managing Director of Arlington Advisors, said: “Reaching practical completion on our first development site ahead of schedule is a fantastic result and an exciting company milestone. With our partner CLV managing the asset on our behalf, we’re looking forward to welcoming students to the development for the 2018/19 academic year. From an investor perspective, the fundamentals underpinning Birmingham’s student housing market remain attractive, characterised by favourable supply and demand dynamics. In addition, together with our partner CLV, we maintain close ties and strong relationships with universities in the city. Our active investment strategy means we’re well-positioned to add good quality assets in well-connected locations to Arlington’s portfolio. We remain committed to this strategy which has been highly effective in delivering strong returns to our investors.”
John Georgakis, CLV’s interim UK CEO, said: “We are very excited to expand our presence in Birmingham. This next phase allows for further investment in the area and complements the other assets in our portfolio. CLV is now responsible for letting the property – situated close to Aston University – in preparation for the September intake of residents, ahead of the start of the new academic year. The unveiling of the new blocks will be marked at an official launch in October 2018.”