Chesterman Consultants have sold Exeter student accommodation block Exeter One to clients of 90 North Real Estate Partners for £18.6m.
The price paid for the 219-bedroom purpose-built scheme reflects a 5.9% net initial yield and a value of £84,800 per bedroom.
The building, built in 2010 and refurbished in 2013, sits on the western boundary of the University of Exeter’s Streatham campus. The scheme is 100% let for the 2017-18 academic year.
Rachel Pengilley, partner at Knight Frank, said: “The transaction demonstrates a continuing demand for the UK purpose-built student accommodation, particularly for assets that can demonstrate a strong track record of high occupancy and rental growth in key Russell Group university cities.”
Knight Frank acted for the vendors.
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