Consultancy company Beachrock has sold Chamberlain Place, a PBSA property in Birmingham to Apollo Global Management for £32.5m. The deal reflects a net initial yield of 5.75% or £142,000 per student bedroom.
Located opposite Aston University, Chamberlain Place includes accommodation for 209 students in the Grade II listed building. Amenities include a gym, communal area, study spaces, cinema lounge, private dining room and laundry room. Residents also have access to bike storage.
The Chamberlain Place development was acquired and developed in 2023 by the Birmingham Property Group. The scheme is managed by Homes for Students.
“Liquidity is returning to the PBSA investment market. This transaction demonstrates strong institutional investment appetite for quality product. The asset is fully let today and has very strong pre lettings for September. Student housing is undersupplied and is outstripped by demand from UK and international students. The increased confidence from institutional investors reflects expectations of reduced interest rates. As funding volatility reduces, deal volume will increase into Q2 of 2024.”James Pullan, Partner, Beachrock