A prime forward funding PBSA opportunity has become available in Glasgow city centre, with detailed planning consent for 321 PBSA studio beds. With 75% of full-time students in the city unable to access PBSA, the scheme provides much needed new beds.
Located at 292 St Vincent Street, the scheme includes a total of 17,513 sq ft (1,627 sqm) of amenity space and has an EPC B rating, with an EPC A rating as a target during design and construction.
Presented by joint selling agents Scarlett Land and Development and Ryden, the scheme has a Guide Net Initial Yield of 5.85% – reflecting a GDV (net of costs) of £60.382m.
The Gross Operating Income (GOI) and Net Operating Income (NOI) has been provided by Homes For Students, with strong prospects for rental / NOI growth.
The developer for the scheme is Artisan Real Estate, who have an excellent track record and were the winners of the 2023 “Excellence in Sustainability” Scottish Home awards.
Construction of the development is expected to start in May/June this year, with practical competition anticipated in May/June 2026.