Cleveland Studios, a newly built student accommodation block in Wolverhampton city centre, has been listed for sale with a guide price of £4.5 million. The property, which comprises 63 studio rooms and a large ground floor commercial unit, is being marketed by Watling Real Estate.
Property Details and Location
The freehold building was completed in November last year and occupies a prime location at the junction of Victoria Street and Cleveland Street, adjacent to the Wulfrun Shopping Centre. It is within a ten-minute walk of the University of Wolverhampton City Campus and close to Wolverhampton Interchange, which recently benefited from £150 million in investment, providing train, bus, and metro connections.
The immediate area is slated for significant regeneration through the 12-acre Smithgate project, which plans to deliver 1,000 new homes and public realm improvements around Market Square.
Financial Prospects
Ben Holyhead, associate director at Watling, commented: "The property is a brand new PBSA development, occupying a prime city centre location within walking distance of the University of Wolverhampton City Campus. With an estimated gross rental value of £528,000 per annum when fully let, the guide price of £4.5 million reflects an attractive reversionary yield of 11%."
He added: "A purchaser of the property is well positioned to benefit from the limited supply of comparable modern PBSA in the city."
University Growth and Market Context
A spokesperson for Watling noted: "The University of Wolverhampton has over 30,000 students and has seen a 20% growth in student numbers since 2019/20. It is ranked No. 1 university in the West Midlands and in the Top 10 in the UK in the 2026 Whatuni Student Choice Awards."
The building, known as Cleveland Studios, offers 63 studio rooms spread over the first, second, and third floors, along with a 6,652 sq ft open plan commercial unit on the ground floor. The property is being sold following the appointment of joint administrators Rajnesh Mittal and Arvindar Jit Singh of FRP Advisory for the proprietor, Cleveland Victoria Ltd, on January 19 this year.
