Imap Properties has put the 103-bed The Orbital purpose-built student accommodation (PBSA) scheme in Nottingham up for sale and is seeking offers in excess of £9.8m.
The asset, which is located on Canning Circus in Nottingham city centre, is currently fully occupied for the 2023/24 academic year and has benefited from 100% occupancy since it opened in 2018.
It comprises up to nine floors of accommodation with three room types: en-suite clusters (39%), studios (57%) and two-bed apartments (4%).
Jamie Radcliffe, associate, UK student investment and development at Savills, which has been appointed to sell the asset, said: “This is an excellent opportunity to acquire a PBSA asset with strong fundamentals. The fully let property is in prime location near two of the largest UK universities, Nottingham Trent University (ranked third) and the University of Nottingham (sixth) and offers students a modern offering at affordable rents. We are instructed to seek offers in excess of £9,800,000 which reflects an attractive net initial yield of 5.75% and a low capital value (£95,000) per bed.”
