Scape Living has put a purpose-build student accommodation (PBSA) scheme in the heart of Brighton up for sale with a price tag of more than £67m.
The scheme at 5 Circus Street offers 450 student rooms divided into 81 studios, 366 ensuite rooms and three one-bed flats, in addition to a 1,130 sq ft retail unit let to White Cloud Coffee Roasters.
The scheme, which is 100% let for the 2023/24 academic year, is currently let to Kaplan Brighton until September 2040.
Merelina Sykes, joint head of student property at Knight Frank, which has been appointed by Scape Living to market the asset, said: “Brighton has one of the highest student ratios of all university towns and cities across the UK, with students making up 11.7% of the total population. Despite being one of the highest density student markets in the country, PBSA in Brighton only caters for around 34% of full time students – meaning demand heavily outweighs supply. As a result, schemes like this one offer an excellent opportunity for investors, and we expect to see strong interest following the launch.”
Scape Living is backed by the Dutch pension fund APG.
