Global property consultancy Knight Frank has launched new operational and eco-friendly purpose-built student accommodation (PBSA) scheme Westcombe House to the market in Greenwich, London.
Acting on behalf of the vendor Linden Hill Capital, Knight Frank is seeking offers in excess of £19m for the London-based asset.
“With ESG high on investors agenda, Westcombe House offers a rare opportunity to purchase a property with strong credentials. Incoming buyers are well placed to benefit from London’s continuing undersupply with 69% of full-time students still unable to access purpose-built accommodation. At a net initial yield of 5.24% it also offers good value in what is the UK’s prime student market.”Mike O’Sullivan, Partner in the Student Agency team, Knight Frank
The Westcombe House scheme is situated on Tunnel Avenue and is close to the University of Greenwich and Ravensbourne University.
The PBSA development boasts excellent ESG credentials including EPC A rating, air source heat pumps and a large solar PV array.
“The London PBSA market needs more assets like Westcombe house – With solid 4- and 5-star reviews from residents and with a Green M&E system that alleviates load on the grid and costs for investors, there is a strong forward story for the property. As an activist Real Estate investor, Linden Hill has played its role and it is now time to pass the baton to owners who will lead the next stage of the success story!”Haroun Al-Mishwit, Linden Hill Capital
Also located nearby the Westcombe Park Train Station, residents can travel to London Bridge in approximately 15 minutes, therefore allowing residents studying in Central London to travel with ease to campus and lectures.
Earlier in the year, Knight Frank launched a £100m GDV consented PBSA development in central London to the market.