A property magnate in Huddersfield, England, has put two student accommodation complexes up for sale at £12.5 million and £7 million each.
The Palace Studios and the adjacent Oldgate House in Huddersfield town centre, developed by the Sekhon Group, led by Simmy Sekhon, have been put on the market, according to ExaminerLive.
Sekhon, a former Huddersfield University student, bought The Palace Studios in 2012 and redeveloped the once “troubled” nightclub in 2015 into student housing.
The following year, his organisation acquired Oldgate House offices next door and turned them into luxury student bedsits.
According to media reports, Sekhon has said he plans to reinvest the £20 million of proceeds in new local development projects.
“There is a massive amount of interest in our buildings,” he said. “Huddersfield and West Yorkshire will be the next hotspot for new money as there’s great return on investment and good yields.
“That’s why I want to plough all our money back into the town.”
Sekhon, 47, is son of Bradford businessman Nirmal Singh Sekhon, who is one of the city’s wealthiest men and a donor to the Conservative party.
Date published: 5 November 2020