Nottingham’s Orbital PBSA hits the market

Imap Properties has put the Orbital, a 103-bed purpose-built student accommodation scheme in Nottingham city centre, on the market for offers over £9.8m. The Orbital was completed for the 2018/19 academic year and is fully occupied for 2023/24. It has benefited from 100% occupancy since completion. Imap has appointed Savills to manage the sale. The building has nine floors of accommodation with three room types, 39% of which are en suite clusters 39%, 57% studios and 4% two-bed apartments. Jamie Radcliffe, associate, UK student investment and development, Savills, said: “This is an excellent opportunity to acquire a PBSA asset with strong fundamentals. The fully let property is in prime location near two of the largest UK universities, Nottingham Trent University, ranked third and the University of Nottingham ranked sixth, and offers students a modern offering at affordable rents. “We are instructed to seek offers in excess of £9.8m which reflects an attractive net initial yield of 5.75% and a low capital value of £95,000 per bed.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Image: Savills