Adhan Group acquires Preston PBSA scheme Friargate Court

The asset has been sold for an undisclosed sum, having been launched to the market earlier this year with a guide price of £9.75 million.

Located on Market Street West, Friargate Court occupies a prominent position between the University of Central Lancashire (UCLan) campus and Preston city centre, with the university just a five-minute walk away.

Developed in 2016, the scheme comprises a mix of en-suite rooms and studio apartments designed to serve UCLan's growing student population. Residents benefit from a range of amenities including a gym, communal study and social spaces, games area, high-speed broadband, 24-hour concierge service and on-site retail provision.

Toby Thomas, Associate in the Student Property team at Knight Frank, said: "We saw considerable interest in Friargate Court from a range of investors, reflecting the continued demand for high-quality student accommodation in established regional university cities.

"The scheme offered an attractive combination of location, amenities and operational potential, and we’re pleased to have secured a successful sale on behalf of our client FRP Advisory. We wish Adhan Group every success with the asset going forward."

The acquisition forms part of Blackburn-headquartered Adhan Group's wider expansion strategy and further strengthens its presence in Preston. Founded by Salim Patel and Mustaq Khanjra, the group has built a substantial portfolio across the North West and Midlands spanning retail, commercial and mixed-use property, including The Mall Blackburn and Peel Leisure & Retail Park.

A spokesperson for Adhan Group said: "Friargate Court represents an attractive opportunity in a market supported by robust student demand and favourable long-term fundamentals. The acquisition aligns with our strategy of investing in quality assets with strong occupancy prospects and long-term growth potential.

"Working alongside our strategic partners, we are actively pursuing similar opportunities across the UK and expect to complete further acquisitions over the next 12 months as we continue to expand our portfolio."

Investor appetite for the PBSA sector remains underpinned by growing student numbers and ongoing supply constraints across many of the UK's key university markets.

The Preston student market continues to experience a significant supply-demand imbalance, with Knight Frank research indicating that approximately 61% of students are unable to access purpose-built student accommodation. UCLan is home to more than 15,000 full-time students at its Preston campus, helping to support consistent rental demand over the long term.

ENDS