£30m PBSA portfolio in bid to find buyer

Beachrock is on the hunt for a buyer for a portfolio of purpose-built student accommodation (PBSA) in the Midlands and Sheffield for £30m.

It has revised the price of the portfolio after selling a £40m asset in Cambridge, as it looks to secure a buyer for six assets with a total of 1,139 beds.

Seven assets located in four university cities were placed on the market in February last year for £90m, with each bed worth £60k.

One asset in Cambridge has left the portfolio, leaving four Coventry sites of Corporation Village, Burges House, Pillar Box and Market Way up for sale as well as Clarendon Street in Nottingham and The Moor in Sheffield.

Beachrock has told TheBusinessDesk.com that the price has returned to what the portfolio was previously under offer, with a value of £26.3k per bedroom.

Offers have been invited on March 20 for the assets individually or for the portfolio as a whole.

Individual asset asking prices are:
£15m Nottingham Clarendon Street (£75k per bedroom)
£4m Sheffield The Moor (£31.7k per bedroom)
£8m Coventry Corporation Village (£18.2k per bedroom)
£1m Coventry Pillar Box (£7.8k per bedroom)
£1m Coventry Market Way (£10k per bedroom)
£1m Coventry Burges (£6.8k per bedroom)
£30m Total (£26.3k per bedroom)