International real estate advisor Savills has acted on behalf of Patron Capital Advisers LLP and Curation Capital in the acquisition of Alma Place, Belfast, from Nathan Pask and Andrew Foster, Joint Fixed Charge Receivers at Watling Real Estate, for an undisclosed sum. Global property consultancy Knight Frank advised the vendor.
Opened in 2022, Alma Place is a best-in-class, 393 bed purpose built student accommodation (PBSA) asset in Belfast, comprising a defensively weighted majority cluster scheme. The scheme benefits from exceptional amenities including a breakfast bar, karaoke room, private dining space, fully equipped gym, and lounge area featuring a dry bar.
Alma Place is conveniently located in Belfast city centre, home to two leading Higher Education Institutions: Queen’s University Belfast, a world class Russell Group university, and Ulster University, recently named Times Higher Education’s University of the Year 2024.
Belfast offers a dynamic and growing student market, with a thriving population of over 49,000 full time students. With 69% classified as domestic, the city benefits from a stable and resilient student base, ensuring consistent demand and long-term growth opportunities.
Jamie Radcliffe, Associate Director, Savills Operational Capital Markets, comments, “We are delighted to have achieved a successful outcome for our clients. This acquisition reflects both the strength of our sector expertise and the continued appeal of the Belfast PBSA market.”
George Tincknell, Associate in Student Property at Knight Frank said: “Having worked on the scheme over a number of years, we are pleased to see the successful sale of Alma Place. The development has been an exceptional addition to Belfast’s student accommodation market, and this transaction is a strong endorsement of the quality of the asset and the depth of student demand in the city. We are proud to have played a role in its success and to have supported our client throughout the journey.”