GS3 Living has appointed Lambert Smith Hampton to market a £41.4m scheme in Coventry.
The site has an existing planning consent for a 19-storey purpose-built student accommodation scheme, which the developer is looking to change into build-to-rent homes.
GS3 is looking to acquire £41.4m net funding for the site, structured as a forward funding deal with a land payment on day one and monthly development cost payments, followed by balancing payment on practical completion.
The price reflects a net initial yield of 5.5% and a low capital value of £348 per sq ft.
The developer plans to submit a new planning application for the switch to BTR.
The proposed site will comprise 220 homes in the form of studio and one- to two-bedroom flats.
Of the homes, 80% will be private accommodation and 20% discount market rent.
It will also include 3,000 sq ft of amenity space, as well as, communal workspace, cinema room and gym, a shared lounge and 135 car parking spaces.
See planning information for Coventry >>
Image © IDP Architects
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