A Blackburn property company has snapped up a 244-bed capacity student accommodation campus in Preston.
The complex, which cost more than £20 million to build and is located in the heart of Preston, was acquired from the administrator, Knight Frank, which was acting as the agent in London.
The financial details of the transaction have not been disclosed.
The company said: “This acquisition reflects the company’s ambitious strategy to expand across a number of sectors.
“Working alongside strategic partners, the retail division is actively pursuing similar properties throughout the UK.
“The goal is to grow operations quickly, with plans to complete further acquisitions within the next 12 months.
“Following the successful integration of these future assets, the retail division portfolio exceeded more than £1 billion in value.”
Adhan Group founders, Salim Patel and Mustaq Khanjra, are said to be ‘very excited’ about the acquisition.
Room rates at the accommodation taken by University of Lancashire students range from £115 per week all the way up to £200 per week for a studio flat.
All rooms have en-suite bathrooms, super-fast broadband, communal areas and recreational facilities, a residents-only gym and 24/7 concierge service.
The Adhan Group is operating in Cheshire, Wirral, Leeds, Liverpool, Manchester, Lancashire and North Wales and has also expanded its portfolio into the Midlands and all areas in the South.
In 2021, the company bought Preston’s St George’s Shopping Centre for an undisclosed sum.
In 2022, the company acquired The Mall in Blackburn town centre and then the Peel Leisure & Retail Park, which houses Vue Cinema, Ten Pin Bowling, Pizza Hut, Nando’s, Dunelm Mill and the new McDonald’s and BodyTech Gym.
