The large student housing project underway off Tritton Road has already been sold by its developers in a multi-million pound deal.
Castle Square Developments (CSD) which has been investing in Lincoln since the early 1970s, sold the 469 bedroom student block next to Valentine Retail park “to a major UK institution for an undisclosed multi-million pound figure,” local agents Banks Long & Co said.
Valentine Court is due for completion in September 2019 and has 4-storey blocks with on-site car parking. It was designed by local firm Stem Architects and is being delivered by Lindum Construction.
Wilkin Chapman Solicitors handled the legalities of the transaction. The development will be operated directly by the University of Lincoln.
Lincoln-based property consultants Banks Long & Co said this is yet more evidence that the city is in a strong place compared to similar locations countrywide.
Managing Director Tim Bradford said: “We advised CSD to finance the development through a forward funding route, as the terms offered compared very favourably to other major UK university cities.
“This demonstrates how highly Lincoln ranks with institutional investors. With turmoil in the market created from Brexit, we were delighted to complete the deal just before Christmas.”
“Rather than leaving the capital tied up in the student development, our client has decided to actively pursue new investment opportunities in the city.”