Ward Group Investments has snapped up a Durham student accommodation scheme, and brought forward a £500,000 upgrade.
The business has purchased Elvet Residences Ltd and its landmark Three Tuns student accommodation scheme, located at the site of the historic, former Three Tuns Hotel.
The development blends the original grade II-listed, 18th-century coaching inn with three residential wings housing 178 rooms.
Since the acquisition, WGI has assumed full operational control of the site and delivered capital investment and operational restructuring – with improvements to amenities, compliance, fire safety and energy efficiency.
The works have addressed all regulatory requirements and Elvet Residences has exceeded baseline compliance thresholds across key operational and safety metrics.
The six-figure investment programme included the installation of a smart energy management system and air source heat pumps to improve efficiency across the buildings. As a result, the majority of rooms now achieve EPC ratings of A, supporting the company’s commitment to sustainable and energy-efficient operations.
To further strengthen governance, PBSA specialist Shane Oldridge has been appointed as compliance manager. Oldridge previously worked as compliance manager at Student Cribs.
The site is now supported by a full-time, on-site management team providing 24/7 in-person coverage.
Andrew Ward, chief executive at Ward Group Investments, said: “This acquisition strengthens our position in the purpose-built student accommodation sector with a landmark £30m asset in one of the UK’s most established student markets. Our strategy is to invest in high-quality, well-located, purpose-built student accommodation and unlock each site’s full potential.
“Our £500,000 investment at The Three Tuns demonstrates our proactive approach to asset management and value creation.
“We’re committed to enhancing the living experience for residents and also future-proofing all our schemes through best-in-class safety, compliance and energy efficiency standards.”
Shane Oldridge, compliance manager at Ward Group Investments, added: “By combining the character of a historic Durham landmark with modern, sustainable upgrades and a strengthened on-site management presence, we’re proud to deliver a scheme that sets a new benchmark for purpose-built student accommodation in the city.”