Homes for Students has won a new 10-year contract estimated to be worth £3.5 million with Knight Frank Investment LLP at St Leonard's House in Lancaster.
The new purpose-built scheme will be ready for occupation by the start of the 2019/20 academic year. It will have 179 student beds with on-site amenities including a gym, reception area and management suite, student common room, communal dining room and kitchen, bike storage and laundry facility.
Martin Corbett, managing director of Homes for Students, said: "Our fixed-price, long-term expenditure wrap is designed to protect investors' interests and, combined with our expertise to market and let the accommodation and manage the property assets professionally, was particularly attractive to Knight Frank Investment Management LLP in awarding us this contract."
Homes for Students currently manages 75 schemes across 29 UK towns and cities under its Homes for Students and Prestige Student Living brands.