Texan property company Greystar has sold two student blocks in a prime student resiedntial area of Manchester to London-based Mansford for a combined price around £17m.
Cushman & Wakefield advised Greystar on the sale of Mayfair Court and Chancellors Court, containing 150 self-contained apartments, with four ground floor commercial units and onsite car parking, in configurations of one to five bedroom flats let to a mix of young professionals, students and post graduates. Total income for 2015 was £1.5m.
Mike Mitchell, senior director and head of student investment at Cushman & Wakefield, said: “These are important and strategic buildings situated close to the soon-to-be extended University of Manchester Owen’s Park campus and within an area that is undergoing significant regeneration in response to Manchester’s growing student population and demand from private renters.”
GVA represented Mansford.