News15.09.25by Zainab Hussain
An investor and developer has acquired a 237-bed student accommodation scheme in Sheffield, as it revealed plans to launch a new student brand.
Truro Works, a student housing development in Sheffield (picture: MCR Property Group)
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Property group acquires 237-bed student scheme in Sheffield ahead of new brand launch #UKhousingAn investor and developer has acquired a 237-bed student accommodation scheme in Sheffield, as it revealed plans to launch a new student brand #UKhousing
MCR Property Group has acquired Truro Works in the Northern city for an undisclosed fee.
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.
Following the deal, MCR will also be launching a new student brand in the next quarter, bringing all its purpose-built student accommodation (PBSA) assets under one identity.
The acquisition has brought MCR’s student portfolio to more than 3,000 units across the UK and marks its second scheme in Sheffield alongside Park Village, while a third scheme in the city is underway.
MCR’s other PBSA schemes are located in Liverpool, Nottingham, Coventry and Sunderland, with further expansion in other cities is expected to be completed in quarter four of the year.
The investor and developer focuses on acquiring, repositioning and managing high-potential assets in strategic regional locations across the country, including residential, build-to-rent and PBSA.
Nick Lake, fund director at MCR Property Group, said: “Sheffield is a fantastic student city with a thriving community, and we are delighted to be delivering three unique schemes here.
“With Truro Works, we’re not only expanding our Sheffield portfolio, but also reinforcing our ambition to grow our student accommodation offering across the UK.”
Dan Hargreaves, a partner at Deloitte, acted for MCR on legal matters, while Allsop acted as sales agent for the transaction.
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Picture: Alamy