Adhan Group expands portfolio with Preston buy
The Lancastrian property firm has acquired Friargate Court, a 244-bed student living complex put on the market in May at £9.75m.
Knight Frank’s student living team was instructed to find a buyer for the Market Street West scheme by administrator FRP Advisory, and marketed the scheme as including a £750,000 commercial element.
Friargate Court was completed in 2016. It is managed by Mezzino, a student accommodation brand with locations in 19 English cities, including Manchester and Liverpool.
The PBSA complex hit the market in May after landlord Innovation Court collapsed last year owing more than £10m to the bank that funded its acquisition of the scheme in 2023.
While the sale price has not been disclosed, Adhan said that “the acquisition marks an important step in the group’s growth plans”.
The incoming asset sits within Adhan Group’s retail division, which is actively pursuing similar properties throughout the UK as it looks to build up a £1bn portfolio.
Adhan said that its founders, Salim Patel and Mustaq Khanjra, “are very excited about the acquisition and are actively supporting the internal team to grow”. The group’s subsidiary AG Retail has this year added Middleton Shopping Centre to its holdings.
The complex offers a mix of 98% cluster flat accommodation and 2% studios, with amenities including a gym and games room.
