Empiric Student Property has agreed the sale of Emily Davies House in Southampton to Far East Orchard for £13.9m. The price reflects a net initial yield of 5.7%, with pricing ahead of the asset’s 30 June 2022 book value.
The PBSA scheme, which provides 180 beds, is located within walking distance of Southampton Solent University and the city centre.
The sale remains conditional on the completion of minor works on or before 30 April 2023.
Duncan Garrood, chief executive officer of Empiric Student Property, said: “The sale of Emily Davies is in line with our non-core disposal programme and releases capital for recycling into our core portfolio refurbishment programme. Against the backdrop of wider macro-economic uncertainty, this sale demonstrates the continued attractiveness and resilience of purpose built student accommodation.”
