Offers in excess of £13m are being sought for an operational PBSA scheme in Cardiff.
Livin Cardiff comprises 136 student bedrooms – 134 studios and two two-bedroom apartments – as well as a wide range of onsite amenities, including a gym and private dining area.
Knight Frank and joint agents Lewis & Partners have been appointed to market the building for sale, with the £13m-plus price tag reflecting a net initial yield of 5.98%.
The scheme became operational in the 2017/18 academic year and is fully let for the 2022/23 academic year.
Rupert Strutt, a partner in the student property team at Knight Frank, said: “The opportunity we are presenting to investors is a unique chance to acquire a centrally located, competitively priced and well-specified student scheme that, crucially, is below development viability. Livin Cardiff has an extremely strong occupancy track record, with rents up circa 11% on 2021/22 and as such we believe this makes the asset incredibly attractive to potential investors seeking instant income.”
