Savills appointed by Imap Properties to sell The Orbital PBSA

Imap Properties appoints Savills to sell The Orbital purpose-built student accommodation (PBSA) scheme in Nottingham.

The Orbital PBSA development in Nottingham. Imap Properties appoints Savills to sell the scheme | PBSA News
The Orbital PBSA development in Nottingham.

Real estate consultancy Savills has been appointed by Imap Properties Ltd to sell The Orbital – a modern and operational 103-bed PBSA scheme on Canning Circus in Nottingham city centre. The scheme completed in time for the 2018/19 academic year.

Fully occupied for 2023/24 academic year, The Orbital PBSA scheme benefits from 100% occupancy since completion. It comprises up to nine floors of student accommodation with three room types – en-suite clusters (39%), studios (57%) and two bed apartments (4%).

Savills and Imap are looking for offers in excess of £9,800,000, which reflects an attractive net initial yield.

“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 (sixth) and offers students a modern offering at affordable rents. We are instructed to seek offers more than £9,800,000 which reflects an attractive net initial yield of 5.75% and a low capital value (£95,000) per bed.” 

Jamie Radcliffe, Associate, UK Student Investment & Development, Savills