Cambridge House sold for £3.8m
STUDENT accommodation at Cambridge House with 48-beds has been sold by the St Regent Fund – part of the Coral Student Portfolio – to Cambridge Street Holdings – a subsidiary of the National Bank of Kuwait for £3.8m.
Crosslane Fund Managers, part of the Crosslane Group, advised St Regent on the deal, which reflects a net initial yield of 5.9%.
It is the first of three student accommodation assets totalling 277 beds, which Crosslane is selling on behalf of the St Regent Fund.
The other two assets are Meadow Court, Edinburgh, and Sauchiehall Street, Glasgow.
They have been successfully managed and let by Prime Student Living, the student accommodation lettings and operational management arm of Crosslane, since 2008, with all three properties 100% let every year.
Prime Student Living has been contracted by National Bank of Kuwait to continue to manage Cambridge House and the property was already fully let for the 2016/17 academic year in July 2016.
Prime Student Living holds contracts with a number of significant investors in the student housing sector, such as Victus European Student Accommodation Fund and Unite and has experience operating 15 student accommodation properties, managing 2,987 rooms in 12 major university cities throughout the UK and Germany including Birmingham, Bristol, Dundee, Edinburgh, Glasgow, Lancaster, Liverpool, Manchester and Newcastle, as well as Osnabruck and Oldenburg in Germany.
Cambridge House, which was acquired by the St Regent Fund in August 2012, offers students 48 high-quality and spacious en-suite bedrooms, each with flat-screen TV, washer/dryer and wi-fi.
The building is close to Manchester Metropolitan University and a short walk from the University of Manchester and the city centre.
JLL acted as marketing agent for Cambridge House, Manchester and on the recent £11m sale of Old Mill, Dundee on which Crosslane also advised. JLL continues to market the Coral Student Portfolio’s Lancaster, Cable Street property. Cushman & Wakefield is acting as agent for the Glasgow and Edinburgh properties.
