PBSA opportunity hits market in Preston for £9.75 million
The Student Property team at global property consultancy Knight Frank has launched Friargate Court to market; a fully operational 244-bed purpose-built student accommodation (PBSA) scheme in Preston for £9.75 million, inclusive of a £750,000 commercial element, on behalf of administrators, FRP Advisory.
28 May 2026
Located on Market Street West, Friargate Court occupies a prominent position between the University of Lancashire campus and Preston city centre, with the university just a five-minute walk away.
Delivered in 2016, the scheme comprises 244 bedrooms, with a highly lettable mix of 98% cluster ensuites and 2% studios. Residents benefit from a comprehensive amenity offering including a gym, communal lounge, and games area, alongside on-site retail provision.
Toby Thomas, associate in the Student Property team at Knight Frank, said: “Friargate Court offers a rare opportunity to acquire a well-located, operational PBSA asset at an attractive price point, in a market where supply still doesn’t meet demand.
“The scheme is experiencing strong letting momentum as it approaches the next academic year, and there is a clear opportunity for investors to drive leasing performance and grow income through hands-on asset management. The scheme can also accommodate key workers and apprentices which further enhances its appeal and offers income diversity.”
According to Knight Frank’s Student Market Update Q1 2026, investment volumes into the UK PBSA sector totalled £2.1bn across 20 deals, driven by a number of large transactions. The most significant was Unite Group’s acquisition of Empiric Student Property for approximately £720m, adding around 7,700 beds across 68 assets in 22 cities to its platform.
Investor demand continues to be supported by rising student numbers and ongoing supply constraints across key regional markets.
The Preston student market is characterised by a significant imbalance between supply and demand, with approximately 61% of students unable to access PBSA accommodation. The University of Lancashire hosts more than 15,000 full-time students at its Preston campus, helping to support strong and consistent rental demand over the long term.
UCAS data shows the number of undergraduates accepted onto university courses in the UK for the 2025/26 academic cycle rose by 2.3% year-on-year to 577,725 students. International acceptances increased by nearly 8%, while domestic student numbers grew by 2%.
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