PWC asks CBRE to sell student block
CB Richard Ellis has been instructed by administrators on the disposal of Cable Street in Lancaster, a 233-bed student accommodation complex, with offers sought in excess of £9.225m.
Cable Street is located in Lancaster city centre and is 100% let for the current student year and 2010/11, and 50% reserved for 2011/12.
Nick Mullins, director of valuation advisory and investment consulting at CBRE North West, commented: "Student accommodation in Lancaster has previously been dominated by the universities, so Cable Street presents a fantastic opportunity for private sector involvement in what is a lucrative market.
"The disposal adds to CB Richard Ellis' strong track record in the student accommodation sector in the North West, advising a number of the region's universities, operators, developers and investors."
Nick Reed, director and joint administrator at PricewaterhouseCoopers LLP, said: "This is a great opportunity to acquire a property with a strong income stream, with the potential for greater returns through effective operational management. The city of Lancaster continues to grow as a student destination, and the Cable Street development provides students with a perfect location to benefit from all that Lancaster can offer."
As a student at Cable Street I believe that this is ridiculous and that Cable Street should be sold back to LPN. LPN, their amazing staff, the way that they genuinely care about their residents and the services that they offer are what make Cable Street special and personally I think that without them the business would lose money anyway and start to fail. Cable makes a name for itself through word of mouth as students are so thrilled with the service that LPN provide. Without LPN Cable Street does not have the edge on any other student accommodation in Lancaster. The students want LPN back!!!!
By Hannah Wilson
Frankly, PWC’s running and administration of Cable Street has been utterly dire. I’ve been left without internet and met with resistance and lies when trying to fix this problem myself. The staff are useless and I’m paying for services I am not receiving. You cannot even directly call PWC, lest you be met with the "DATA PROTECTION ACT EXCUSE" when asking for a switchboard number. Utter poor form.
By Anon.
Selling a property that has been placed in administration is difficult, this situation can potentially be further exasperated when the incumbent remains managing the scheme. CBRE, appointed by PWC, were in exactly that position with Cable Street in Lancaster. With limited information available coupled with an unwilling vendor we were given no choice but to seek specialist management/operational advice from a third party trouble shooter (TigerLime) who quickly established the failings of the former management team, sought solutions to outstanding issues and delivered credible solutions that assisted CBRE in the successful disposal of the property. TigerLime are consultants that have and will continue to be recommended to clients of CBRE who are seeking strategic student accommodation management advice.
By TigerLime