The Pickstock Group has appointed Beachrock to sell the purpose-built student accommodation block Saltwater Place in Plymouth, for offers over £25m.
The asset comprises of 348 student beds. It is fully let for the current academic year and is 86% pre-let for September 2024.
The University of Plymouth has a development strategy to keep growing their student population through to 2030.
Plymouth has an acute shortfall of accommodation and no development pipeline of PBSA under construction.
The sale price of £25m reflects 6.9% and a capital value per bedroom of £70,300.
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