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UK investor buys 606-bed student scheme in Kent
UK investor and developer MCR Property Group has bought a student scheme with 606 beds in Canterbury, Kent.
UK investor and developer MCR Property Group has bought a student scheme with 606 beds in Canterbury, Kent #UKhousingThe Manchester-headquartered investor has bought Parham Student Village, one of the largest purpose-built student accommodation (PBSA) schemes in the city.
Made up of 606 student bedrooms across nine housing blocks, the scheme will include 43 townhouses, three studios and 85 flats.
It is located within walking distance of Canterbury Christ Church University, the University of Kent and the University for the Creative Arts, where there is a full-time student population exceeding 48,000.
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The scheme was developed between 2003 and 2010. MCR will deliver a full refurbishment and enhancement programme ahead of the 2026-27 academic year, including upgrading accommodation, communal spaces and environmental performance.
Once the development is completed, it is expected to have a gross development value of around £60m.
The transaction forms part of MCR’s PBSA growth strategy. Last year, it bought seven student schemes, adding 2,400 beds, which expanded its total UK PBSA portfolio to 5,000 beds.
It also supports MCR’s preparations to launch its new student living brand platform at the end of the month.
MCR has a diversified portfolio including PBSA and build-to-rent. It has more than 30 years of experience buying, repositioning and managing buildings across the country.
Its recent PBSA acquisitions and developments include schemes in Liverpool, Sheffield and Sunderland.
Nick Lake, fund director at MCR Property Group, said: “Parham Student Village represents exactly the scale and opportunity we continue to target in high-demand university cities.
“Canterbury’s strong fundamentals, diverse student population and structural undersupply of purpose-built accommodation make it an ideal location for long-term investment and repositioning.
“This acquisition also positions MCR as one of the city’s largest student accommodation providers through a single scheme.”
Last year, MCR acquired Truro Works, a 237-bed student accommodation scheme in Sheffield, as it revealed plans to launch its new student brand. The development, also known as Liberty Works, was built in the late 1840s to house workers of manufacturing companies and is now a Grade II-listed building, reflecting its importance to Sheffield’s industrial heritage.
More recently, a UK and European investor duo bought a 393-bed PBSA scheme in Belfast, Northern Ireland. The scheme was completed in 2022 and is located near Queen’s University Belfast and Ulster University.
According to one of the investors, Curation Capital, the scheme benefits from strong underlying student demand.
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