Uninn has brought to market a portfolio of prime purpose-built student accommodation properties with an asking price of £45m.
The three-property package comprises Merlin Point in Coventry, Bailey Street in Sheffield and the Foundry in Newcastle.
The Uninn portfolio comprises 582 beds, split into 375 en suite clusters and 207 self-contained studios. All are within walking distance of their respective universities and city centres.
The £45m price tag for the freeholds, reflects a net initial yield of around 5.75% based on projected 2022/23 net operating income.
CBRE is acting for the vendor.
Louis Furner, director of CBRE’s residential capital markets, student housing segment, said: “This portfolio offers the opportunity to secure three very well located assets close to university campuses in Russell Group university cities, all of which have excellent demand characteristics with over 50,000 students in each. It represents an excellent investment opportunity priced well below development cost with value-add potential.
“The PBSA sector continues to attract significant investor interest with rental growth underpinned by constrained supply and strong current and future growth in student numbers, including international students.”
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