Insights > Deals
Adhan Group acquires 244‑bed Friargate Court in Preston
20 July 2026 | Asset Acquisition | UK | 244 beds | Operational
Adhan Group has acquired Friargate Court, a 244‑bed operational PBSA asset in Preston, from Innovation Control (Property) Limited in an administration-led sale.
Key details
Asset type | Operational |
Location | 154 Market Street West, Preston, UK |
Capacity | 244 beds |
Seller | Innovation Control (Property) Limited |
Buyer | Adhan Group |
Value | Undisclosed |
Adviser | Knight Frank (seller); FRP Advisory (administrator) |
Source: The Business Desk
Delivered in 2016, Friargate Court comprises 244 bedrooms across three blocks, with 98% cluster en‑suites rooms and 2% studios. The amenity offer includes a gym, communal lounge, games area and on-site retail, and the University of Lancashire campus is approximately five minutes away on foot.
Knight Frank launched the asset for sale in May 2026 on behalf of administrators FRP Advisory with a £9.75 million asking price, including a £750,000 commercial element.
Strategic context
For Adhan Group, the acquisition adds an income‑producing PBSA asset to a large regional property portfolio and provides scope for hands‑on leasing and asset management. The ability to accommodate students, key workers and apprentices broadens the demand base.
The administration‑led process may also have created an attractive entry point below replacement cost. More broadly, the sale transfers a stabilised asset to a well‑capitalised owner after the previous property company entered administration.
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