Portfolio of nearly 1,000 beds of student accommodation hits the market

Yorkshire-based Urbanite Living has placed a portfolio of five, freehold, purpose-built student accommodation (PBSA) assets on the market for sale, with an asking price of £130m.

All five schemes comprising 999 beds are located in the student cities of Leeds, York, Sheffield, and Glasgow.

The portfolio offers a combination of existing operational assets and new build schemes due for occupation during 2024.

It includes The Coal Yard in central York, which is already operational with 189 en-suite cluster and studio units.

In Leeds, the Leatherworks provides 460 cluster bedrooms within close proximity to both universities, and 26 Great George Street is currently under construction to provide 54 studio bedrooms in the city centre by the end of 2024.

Electric Press in Sheffield is a development of 125 cluster and two studio flats.

Currently under construction, Clyde Court will provide 169 studio bedrooms as part of a prime city centre site redevelopment next to the river Clyde in Glasgow.

Urbanite has developed the portfolio over the last five years and is now selling the assets to recycle capital into its next ventures.

These include plans to deliver its £400m regeneration scheme on the former Yorkshire Post Newspapers site in Leeds city centre.

It is currently exploring land sale and forward funding options to deliver up to 1,700 student beds and 348 build-to-rent (BTR) apartments on the strategically important gateway site.

Urbanite was founded by friends Daniel Newett and Timonthy Smith.

They said: “We are excited to bring this portfolio to market after five years of regenerating disused properties or land.

“Our investments have been well considered in providing much needed purpose-built student accommodation in prime locations where demand consistently outweighs supply.

“Urbanite is a young and dynamic team, always poised with the capital support, to deliver sustainable real estate with long term value.

“We are looking forward to selling this prime investment opportunity to support our next series of exciting development projects.”

Real estate advisor, Gerald Eve, is appointed to market the portfolio.

Alexander Kitts, associate partner at Gerald Eve, said: “We are pleased to represent Urbanite in marketing a very strong portfolio of assets in key performing university cities of international repute.

“The student housing market is highly resilient as demonstrated by its counter-cyclical nature with student numbers growing at record rates across the nation.

“Subsequently, purpose built student accommodation (PBSA) is underpinned by a strong occupational market, which continues to attract a wide range of investors.”

In 2021 Urbanite received equity backing from Prescient Capital, a real estate funding specialist.