Investment manager Arlington Advisors has sold a purpose-built student accommodation (PBSA) development at Castle Street in Cambridge.
Beachrock secured the deal for their client, selling the asset to Lucy Cavendish College Cambridge. The sale at £32.5m reflects £91,550 per student bedroom. Lucy Cavendish College was represented by Colin Summers at Bidwells.
The Castle Street PBSA scheme houses 355 students in the heart of Cambridge and provides attractive communal facilities. The development is managed by Collegiate UK.
“The PBSA investment market is showing increased liquidity.
“This well located, high specification product attracted strong institutional interest from both existing and new entrants to the market.
“Lucy Cavendish College have secured an asset in a compelling location, which will help meet their accommodation needs for the next generation.”
James Pullan, Partner, Beachrock
The Cambridge scheme was sold out of The Student Central Portfolio of over 1,495 bedrooms, with the remaining beds located in Sheffield, Coventry and Nottingham. The other assets within the Student Central Portfolio are sold subject to contract with completion anticipated in Q1 2025.
