Dundee-based Carling Property Group, which was founded by husband and wife team Graeme and Leanne Carling, acquired Alloway Halls in October and plans to turn the site into affordable student housing, with rents at a lower rate than when Abertay University owned the property.
Graeme Carling said: “There is a distinct shortage of quality, affordable housing in Scotland, including in the student market. We believe our acquisition of Alloway Halls and the rental rates we are setting will go a little way to addressing that issue in Dundee.
“We had a number of ideas for what to do with the property, but then spotted a gap in the market for good accommodation for students that is not outside of their reach financially. We’re excited to be dipping our toe into the student market.”
Local councillor John Alexander added: “It’s heartening to see investors like the Carlings trying to fill a much-needed gap.”
Carling Property Group owns and manages some 350 rental properties, with most in the Dundee and Arbroath area. The company said it was on course to increase its portfolio to 1,000 properties within the next five years.