St Leonard’s Home, in St Leonard’s Gate, has undergone main refurbishment work during the last 18 months.
Robertson Property and Robertson North West, with funding organized by Knight Frank Funding Administration (KFIM) on behalf of Lancashire County Pension Fund (LCPF), have accomplished the redevelopment.
The funding offers an “engaging return” for the pension fund, stated John Types of KFIM.
KFIM acquired the positioning for LCPF in 2017 and organized a funding settlement with Robertson Property who obtained planning and listed constructing consent and procured the re-development of the listed buildings with their sister firm, Robertson North West.
The capital comes from a selected allocation made by LCPF for funding in property tasks situated in Lancashire.
In January 2019 KFIM engaged specialist supervisor Houses for College students pursuant to a public tender to market and handle the property.
The buildings have been initially constructed by the Gillow household for the manufacture of furnishings however had fallen vacant after they turned surplus to the necessities of then proprietor, Lancaster Metropolis Council, in 2014.
The event is a mix of self-contained studios and en-suite cluster lodging, together with intensive communal amenities together with a communal kitchen, leisure space and a health club and has been constructed at a complete price in extra of £14m.
Some 21,790 college students have been enrolled on the College of Lancaster and the College of Cumbria for educational 12 months 2017/18 (Supply: HESA statistics) and the College of Lancaster is ranked sixth within the UK within the Occasions Good College Information 2019.
David Westwater of Robertson Property stated: “Having bought the positioning in 2017, and ahead offered to Lancashire County Pension Fund, we’re delighted to have labored with Robertson North West, Robertson Engineering Providers and KFiM to finish this top quality improvement. Collectively, we have now introduced this as soon as disused historic constructing again to life and supplied a lot wanted pupil lodging in Lancaster. This mission highlights how Robertson can function as a full service options supplier throughout each property administration and building and ship a excessive class facility.”
John Types of KFIM stated: “Lancashire County Pension Fund has an allocation of capital for funding in property situated within the County of Lancashire.
“This mission was a great match for the Funding Targets offering a pretty return for the pension fund but in addition a useful addition to Lancaster’s pupil lodging supply that may additional strengthen the Metropolis’s standing as a prime vacation spot for greater schooling and can complement different vital funding tasks that the College is progressing.
“We proceed to actively search different alternatives to put money into Lancaster and within the County extra broadly.”
Commenting on the completion, Dirk Pittaway, Managing Director of Robertson North West stated: “We’re proud to ship a constructing that may present the perfect lifestyle to college students in Lancaster. The brand new lodging will allow college students to dwell, socialise, sleep and research in a top quality facility, enabling them to get the perfect from their college expertise.
“The mission has additionally allowed us to implement our vary of capabilities, because of the completely different technical facets of the construct and we’re delighted with the top outcomes.”
The property is now letting up via Houses for College students.