Acting on behalf of Maven Capital Partners and IP Investment Management, the Student Property team of global property consultancy Knight Frank launches The Latitude Portfolio, a collection of seven purpose-built student accommodation (PBSA) assets in five key UK markets. Knight Frank is seeking offers in excess of £143,350,000. The assets are being marketed as a portfolio, but the vendor will consider offers for individual properties.
The Latitude Portfolio consists of three PBSA assets in Stirling – which includes Carters Yard, Centro House and Riverside Quay. The other assets in the portfolio are Murieston Crescent in Edinburgh, Mansion Tyne in Newcastle, Stanley Studios in Portsmouth and St Peter’s Hall in Bournemouth.
“We are proud to be marketing this fantastic investment opportunity. It has an attractive geographical spread across the UK in critically undersupplied markets with a very limited development pipeline. The current occupancy and rental growth projections are testament to the quality of these markets and the individual schemes in the portfolio.”Josh Woolley, Partner in the Student Property team, Knight Frank
The Latitude Portfolio offers a total of 1,250 bedrooms – split as 48% en-suite and 52% studio rooms. All the schemes include best in class high quality accommodation with market leading amenity space. They have a strong operational track record with 100% occupancy for the 2022/23 academic year, except from Stanley Studios in Portsmouth which practically completes in time for the 2023/24 academic year.
“This is the fourth portfolio of luxury PBSA assets that Maven and IPIM have brought to market having developed, let and stabilised over 3,000 student beds in strong regional university cities across the UK over the past 11 years. We remain committed to developing best in class buildings and creating vibrant student communities as we enter the next phase of our development cycle. With many locations in the UK seeing an acute shortage of accommodation coupled with significant growth in the number of both domestic and overseas students availing themselves of UK higher education, the prospects for investors in the sector have arguably never been stronger.”Selina Williams, Executive Director, IP Investment Management