Beachrock instructed to sell £25m Saltwater Place Plymouth PBSA

Plymouth has an acute shortfall of accommodation and no development pipeline of PBSA under construction.

Saltwater Place development Plymouth | PBSA News
Saltwater Place development Plymouth

Specialist PBSA investment consultancy Beachrock is bringing to market Saltwater Place Plymouth, an operational PBSA scheme in Devon. The sale price of £25m reflects 6.9% and a capital value per bedroom of £70,300.  

The purpose built property is home to 348 students in premium residential quality accommodation. The property has spectacular sea views from the thirteenth floor. The scheme is fully let and is nearly fully pre-let for September 2024. 

Students will not have much trouble commuting to their universities on a daily basis as the transport accessibility is very reliable.

The bus routes are super fast and well connected across the city. The Leigham Street and Derry’s Cross South bus stops are a four-minute’s walk from the development.

Saltwater Place has a large number of restaurants, bars and tourist attractions nearby.

“All rooms offer the privacy of your own ensuite bathroom and kitchen facilities for you to cook up a storm.  Once you’ve made the perfect snack, you can plop down on the super-comfy sofas, they’re just perfect for that post-food nap. With extra storage spaces, a wardrobe and shelving units underneath your bed, you’ll never have to worry about where to store your personal belongings again. The rooms even come with your own study space, perfect for cracking on with any deadlines you have coming up!

“Some of our rooms even offer amazing views of the city or the seafront, but you’ll have to be quick to snatch those. If you prefer a quieter and more relaxed environment, make sure you ask about our separate studio tower when booking.”

Prestige student living

The University of Plymouth have a development strategy to grow their student population through to 2030. 

Plymouth has an acute shortfall of accommodation and no development pipeline of PBSA under construction.  

“Saltwater Place offers best-in-class student accommodation in the undersupplied Plymouth market. Its 86% pre-let for the forthcoming September 2024 academic year with strong rental growth prospects.”   Investment interest in the sale is expected to come from investors with existing assets in Plymouth seeking economies of scale, UK pension funds and overseas specialist investors.  

James Pullan, Partner at Beachrock

In February, Beachrock sold Chamberlian Place PBSA 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. 

Rachel Pengilley has joined Beachrock as a Partner.  Rachel has a phenomenal track record in the PBSA investment sector.  Her reputation has been established with over fifteen years track record working with leading investors on trophy projects.  Rachel has specialised in introducing new overseas equity into the sector.