Edinburgh University set to sell two student accommodations in bid to fill funding ‘black hole’

The properties can house over a hundred students and are located near the Kings Campus

4 hours ago

The University of Edinburgh has put two of its student accommodation properties on the market.

Kitchener House and David Horne House are located near the university’s Kings Campus and house over a hundred students.

The University hopes that the sale will raise funds amid “urgent financial challenges” that have led to staff and courses being cut.

Property advisor CBRE said it had been appointed by the university to bring the properties to market.

The two properties are located in the south of the city, near to Cameron Toll shopping centre, offering great bus links to the city centre and Main Campus. A future southwards tram extension is also likely.

Consisting of four townhouses, David Horn House and Kitchener House comprise 48 and 60 student beds respectively. Property experts said the buildings have a “solid track record” of student occupancy, reflecting consistent demand in a sought-after location, offering potential for investors to either refurbish and retain them for student use, or explore alternative uses, subject to consents.

Damien Toner, director of estates at the University of Edinburgh, said: “Edinburgh remains a highly desirable location of choice for students, residents and visitors alike, with demand for competitive accommodation options consistent across the city.

“Given their size, character and condition, these sites offer a unique opportunity for developers in a sought-after location, and we are pleased to be working with CBRE to explore the market potential.”

Steven Hendry, a director in CBRE’s investment property team in Edinburgh, added: “We are pleased to be working with the University of Edinburgh on this important instruction.

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“These are two distinctive assets in a highly sought-after part of the city, offering both immediate student accommodation use, and clear potential for repositioning. With strong demand in Edinburgh’s student market and the excellent proximity to King’s Buildings, we expect these properties will attract strong interest from a wide range of investors.”

Staff at the university took six days of strike action in June amid concerns that the University may implement mandatory layoffs to balance the books. Currently, it is offering voluntary redundancy, which had been accepted by around 350 staff as of June 4th.

Further strikes are set for the University’s Freshers’ Week from the 8th-12th of September.

Sophia Woodman, UCU branch president at the university, said: “Staff want a sustainable future for the university as much as anybody and we want to work with senior management to end this dispute.

“But we’re clear that the use of compulsory redundancies is unacceptable. With the resources and reserves held by the university it can easily afford to rule out sacking staff. “

The properties will be marketed on an individual and combined basis, and a price tag has not been released.

Featured image via Google Maps.

Jamie Calder | News