The 84,000 sq ft courtyard building is centrally located and will provide 342 high quality studio rooms with ancillary space. The room styles, communal areas and level of service will be new to the City and this will be a flagship centre for Study Inn. The conversion of the former offices is expected to be completed by September 2016.
Ben Green, Director of Barker Storey Matthews Cambridge office who acted for Cambridgeshire County Council commented, "There was very keen interest in this prominent property and we are pleased to be able to structure a transaction which achieved the Council's aspirations for this important disposal".
Study Inn Acquisitions Director Sam Jefferson said "We are rolling out the Study Inn brand throughout the UK and Cambridge is a very importaant addition to our existing room stock. We are very pleased to have secured a long leasehold of this very well-located property."
Steve Count, Head of Cambridgeshire County Council, added "Moving from Castle Court offices has meant that the Council has been able to unlock a significant revenue stream for the authority to use on providing essential services, while supporting new business in Cambridge, and helping to provide much needed student accommodation. The move is part of the County Council's overall drive to get best value from its assets for the benefit of Cambridgeshire's tax payers".