We are pleased to announce that Quin & Co, the investment arm of CPS Homes has purchased Crwys House in Cardiff. After taking control of the building Quin & Co plan to convert the offices into student accommodation comprising of 116 rooms within 28 self-contained flats. The accommodation promises to give the students of Cardiff their independence whilst providing them with the quality accommodation they crave.
Set in the heart of Cathays, Crwys House is a four storey office building that was originally occupied by Welsh Water and until last year, by Dunn and Bradstreet. The new student accommodation building promises to deliver flats between two and seven bedrooms each with their own kitchen.
John Pinn, Deputy Director of CPS Homes was keen to stress that the new flats will not be geared towards ‘hall-style’ living and instead will be geared towards the growing trend of students who want independence as well as quality accommodation. He revealed that there has been a “recent influx of hall style accommodation with larger communal areas and shared amenities. Something that CPS Homes strongly believes is not the future. Crwys House will offer students independent living and will be in self-contained apartments for groups who have opted to live together, in the same way they would when looking for a house.”
The purchase of Crwys House and subsequent renovation into student accommodation is not something new to Cardiff. Over the last couple of years many of Cardiff’s large buildings have been renovated for student accommodation. These include J R Smith’s development in Tyndall Street and London Cornwall’s refurbishment at Summit House in Windsor Palace.
Quin & Co already owns a number of smaller residential developments in Cardiff Bay, Roath and Canton. These are aimed at both students and professionals, and combined with the fact that CPS Homes currently manage over 900 properties in Cardiff and over 1,000 properties on a let –only basis, students can rest assured that the flats in the new Crwys House will come with the expertise and knowledge that CPS Homes customers have come to expect.
Speaking on the acquisition of Crwys House Jeremy Symonds, Director with Cooke & Arkwright’s Business Space department said, “Crwys House was purchased by competitive bids with eight interested parties. I had every confidence that even in today’s climate, if it was priced and marketed correctly there would be strong interest from this sector. We now have a database of parties seeking similar opportunities and will be actively looking for other buildings to sell or let.”
John Pinn then contributed that the acquisition of Crwys House made sound financial sense given that: “The student market in Cardiff has enjoyed consistent growth and continues to do so even through an economic downturn. Increasingly throughout the last few years students are demanding a higher quality of accommodation in prime areas of Cardiff and are prepared to pay premium rents to do so.”