Leading commercial law firm Thrings is helping the UK’s biggest property crowdfunding platform move into the fast-growing student accommodation sector.
Property Partner makes it easy for individual investors to club together to buy property and earn a rental income.
Getting off to a promising start, the business’ entry into the purpose-built student accommodation (PBSA) market has already seen four properties successfully funded on the platform.
Property Partner’s first student accommodation block has been purchased with the help of Thrings’ commercial property team and comprises of 29 purpose-built studio flats in Exeter city centre, which Property Partner has secured for a purchase price of £3.6 million.
The investment opportunity proved so popular that the platform was forced to close the call for funding early. Investors paid 168.27p per share for the property in Verney Street, which is now available on the resale market.
Thrings is also advising Property Partner on the crowdfunding-based acquisition of three other student accommodation blocks in Newcastle, Leicester and Bangor which have also been successfully funded on the platform.
The Exeter property acquisition was handled by lawyers Steve Schofield and Dan Langan from Thrings’ Commercial Property team in Bristol.
Dan, who has acted on acquisitions for Property Partner on a number of other property deals during the last three years, said:
“We’re delighted to have helped Property Partner move into the fast growing purpose-built student accommodation market which offers high yields for investors. Alternative ways to access the buy-to-let sector are increasing in popularity, so it’s exciting to be representing one of the market leaders in this expanding industry.”
Swetha Patel, Legal Counsel at Property Partner, said: “The commercial property team at Thrings did a great job of getting what was a challenging deal exchanged and completed within very tight time constraints whilst dealing with all challenges expertly.”
This is the latest in a series of property deals involving student accommodation to be handled by Thrings. The firm also advised on the multi-million pound conversion of Fusion Tower, a former office building in Bristol city centre, into high-end contemporary residential accommodation with bed spaces for 480 students.
