Global real estate advisor CBRE has been instructed to seek offers on a super prime, operational purpose built student accommodation (PBSA) asset, The Garage in Egham, Essex.
Offers are being sought in excess of £34 mln (€40 mln) for the purchase of the freehold interest, reflecting a net initial yield of c. 5 % based on projected 2022/23 net operating income.
Developed by Danehurst, the scheme offers 166 beds arranged across 133 en-suite clusters and 33 self-contained studios with impressive on-site amenities including a fully equipped gym, lounge area and a large garden.
‘This is a fantastic opportunity to acquire a high-quality, exceptionally well located operational PBSA asset in a key UK university town. The asset benefits from great design, a very lettable unit mix (as evidenced by selling out in its first year of operation) and of course its prime location, being adjacent to one of London’s top universities. The Garage is without doubt a hugely compelling investment opportunity,’ said Louis Furner, director, Residential Capital Markets, Student Housing at CBRE.
