Ward Group doubles down on Durham PBSA activity
The investment firm has acquired the £30m, 178-bed Three Tuns student accommodation and has also bought a long-time vacant council building, which it plans to turn into a 45-bed residence.
Ward Group Investments acquired Elvet Residences Ltd and with it, its Three Tuns PBSA scheme in the city centre.
WGI has since delivered a £500,000 upgrade at the grade two-listed, 18th century former coaching inn, which has three modern residential wings housing the student bedrooms.
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 investment included the installation of an industry-leading 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.
At the same time, the group has acquired Hopper House on Atherton Street from Durham Council, a former office building having had plans for its conversion into a 45-bed PBSA approved.
The 18,000 sq ft, three-storey property has been vacant for 12 years and will now comprise studio apartments, a residents’ gym, a cinema room, office space for WGI’s new headquarters, and a landscaped study garden.
WGI’s asset manager, Katy Blair, worked alongside Peter Clegg at Keystone Law to bring the deal to rapid completion to ensure the development will be ready in time for the 2027 academic year.
The wider project team included Howarth Litchfield Architects, Lichfields, and a consultant team including Kinetic Consultants, BDN Structural Engineers, Innovation Fire Engineering, Andrew Mosely Consultants, and Consult North.
Construction is scheduled to begin early summer 2026 and will be delivered by group company Viaduct Residences.
Significant upgrades will be made to the building’s exterior and public realm and financial contributions secured through the planning process will improve pedestrian routes in the surrounding area.
The group is looking to acquire, reposition, and actively manage PBSA assets across the UK.
Speaking about the acquisition of Elvet Residences, chief executive Andrew Ward commented: “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.”
Speaking about the Hopper House scheme, Charles Ward, development director, commented: “The scheme achieved unanimous approval from the planning committee, which is no mean feat considering the building has been vacant for over a decade – this is a strong endorsement of the collaborative approach we took throughout the planning process.
“We’ve worked closely with a strong design team to deliver a premium, sustainable development that not only brings a long-vacant building back into use but also supports Durham’s growing demand for purpose-built student accommodation.
“This scheme reflects our long-term commitment to Durham both through the delivery of best-in-class student living environments and by establishing our own headquarters within the city.
“We’re excited to move forward into the delivery phase and see the scheme come to life ahead of the 2027 academic year.”
