In June 2017, iQ acquired Newtown House and Newland House in Nottingham, two student accommodation properties, located at the heart of this 52,000 full-time student city.
The properties, located within a short walk from each other, were originally office developments that were converted in 2016 to provide 350 large, high quality studios. Newtown House and Newland House comprise 126 and 224 studios respectively, many of which benefit from excellent views over the city centre and Nottingham Castle. Occupying a prime position on Maid Marian Way, the properties are ideally located for access to both Nottingham Trent University and the University of Nottingham.
Acquired with low levels of existing occupancy and relatively late into the student booking cycle, our challenge was to market and sell the remaining rooms before the commencement of the academic year, a short period of three months.
The benefits of our scalable operating platform and strong customer focus came to the fore as soon as we took possession of Newtown House and Newland House. Driven by our high-quality website, and supported by a wide range of sales and marketing initiatives, we delivered full occupancy across both properties in time for the commencement of the 2017/18 academic year – a major achievement in such a short period of time.
The acquisition of these two prime properties has seen us double our number of beds in Nottingham and close in on double digit private PBSA market share in this Russell Group university city. We now have plans to transform the facilities by upgrading the existing communal spaces and adding new studios across both sites.