An opportunity to acquire a purpose-built student accommodation (PBSA) long lease ground rent investment.
- Located in Preston – A guild city in the heart of the Lancashire.
- Situated on Sizer Street immediately adjacent to the city’s university, UCLan.
- UCLan has a student population of over 38,000.
- The property is under construction and due to complete in September 2022.
- It will comprise of 218 studio apartments each let on 250-year leases at £350 per annum.
- Each lease has 5 yearly rent reviews in line with the Retail Price Index (RPI uncapped).
- Total passing rent of £76,300 per annum.
- We are instructed to seek offers in excess of £1,300,000 (one million three hundred
- thousand) which will reflect a net initial yield of 5.5% assuming purchasers’ costs
- of 6.8%.