Newmark has brought The Coal Yard, a newly built purpose-built student accommodation (PBSA) on Mansfield Street, York, to market.
It is one of the most expensive York properties ever to be brought to market at offers in excess of £24.5m. The Coal Yard is seen as a significant investment opportunity.
The scheme includes two blocks totalling 189 beds in a mix of 88% clusters and 12% studios. Built in two phases, the first phase has been operational since 2018, with the second phase completing in January 2024. The scheme boasts strong ESG credentials, with an EPC rating of A and B. Roof solar panels provide additional energy efficiency and savings.
The development is a nine minute walk from York St John University and around 20 minutes by bus to the University of York.
The Coal Yard scheme benefits from a five-year nomination’s agreement with York St John University for 100% of the cluster rooms. The nomination’s agreement benefits from annual uplifts of 4% per annum over the first two years, and 3% per annum thereafter.
The PBSA scheme provides a Gross Operating Income of £1,875,085 for the 2025/26 academic year. The Net Operating Income for the same academic year – after deducting opex – is £1,375,665 per annum.
“York is a significantly under-supplied market for pBSA with a short-term development pipeline of less than 10% of operational stock, leading to more than 57% of students without access to PBSA beds. Rents have grown by 21% since 2001.”
Newmark
York is a prestigious Russel Group city with two universities and a student population of c.30,000, which has grown 4% year-on-year over the past ten years.
