Linden Hill Capital is seeking offers in excess of £19m for a purpose-built student accommodation (PBSA) scheme in Greenwich, London.
The company is selling the three-storey Westcombe House, which comprises 61 studio rooms, also features a gym, gaming room, cinema, lounge, private outdoor terrace and private dining room.
Situated on Tunnel Avenue, in close proximity to the University of Greenwich and Ravensbourne University, the property has an EPC A rating and includes air source heat pumps and a large solar PV array.
Haroun Al-Mishwit at Linden Hill Capital said: “The London PBSA market needs more assets like Westcombe. With solid four- and five-star reviews from residents and with a green M&E system that alleviates load on the grid and costs for investors, there is a strong forward story for the property. As an activist real estate investor, Linden Hill has played its role and it is now time to pass the baton to owners who will lead the next stage of the success story.”
Mike O’Sullivan, partner in the student agency team at Knight Frank, which has been appointed to sell the asset, added: “With ESG high on investors agenda, Westcombe House offers a rare opportunity to purchase a property with strong credentials. Incoming buyers are well placed to benefit from London’s continuing undersupply with 69% of full-time students still unable to access purpose-built accommodation. At a net initial yield of 5.24% it also offers good value in what is the UK’s prime student market.”
