30th July 2003
A 191-bed student residence in the heart of Hull’s Old Town has been sold for more than £1 million over the asking price.
The University of Lincoln sold Pacific Court at auction for £3.15 million but will reach an agreement with the new owner to ensure that the building will continue to be used as student accommodation.
And university bosses say the high level of interest generated by the sale of the building on Hull’s High Street is a vote of confidence in the future of the University of Lincoln in Hull.
“There a tremendous amount of interest in the sale and we’re delighted by the price we achieved,” said Pro Vice Chancellor Dr Jim Whittingham.
“The new owner of Pacific Court is an experienced provider of student accommodation and we are currently in discussions with a view to continuing to provide student accommodation in Pacific Court.”
Many universities are currently realising the value of their student residences as a way of funding academic development while retaining the halls for student use.
Auctioneer Mark Tanton of Countrywide Property Auctions based in Essex confirmed that over 200 enquiries were received prior to the sale on 24th July.
“It was a most successful sale,” said Mr Tanton. “It’s the highest price we’ve ever achieved for the single sale of a property at auction, so we’re very pleased.”
The sale of Pacific Court is part of the university’s redevelopment plan for its Hull campuses.
Elsewhere in Hull city centre local contractors George Houlton & Son Ltd are about to complete the major £2m refurbishment of the George Street building on schedule.
Staff have already relocated from the Cottingham Road campus and students will be arriving at George Street – soon to be renamed the Derek Crothall Building – in September.
For more information contact: Jez Ashberry, Press and Media Relations Manager
University of Lincoln (tel: 01522 886042) email: firstname.lastname@example.org
Check for the latest university news at www.lincoln.ac.uk/news