The West Way Square purpose-built student accommodation (PBSA) scheme in Oxford has been put up for sale with a price tag of more than £56m.
The price reflects a net initial yield of 5.75%. Mace has appointed Knight Frank’s student property team to market the opportunity, which comprises 264 student bedrooms – 250 studios, eight one-bedroom and six two-bedroom apartments.
On-site amenities include a gym, cinema room, games room, rooftop terraces and student lounges. The sale also includes six commercial units, which produce a net income of £419,500 per annum from tenants such as Tesco Express and Iceland.
Mike O’Sullivan, a partner in the student property team at Knight Frank said: “This is an excellent opportunity to acquire a prime purpose built student accommodation in one of the most desirable global cities for university education.
“Oxford is currently experiencing restricted planning policies which will affect the future pipeline of new PBSA development in the city with only 339 private PBSA beds in the pipeline. As a result, a fully operational and income producing assets such as West Way Square will likely generate a substantial pool of interested buyers.”
