CBRE Confirm Sale of Super Prime Student Accommodation Scheme in Egham
Global real estate advisor CBRE has confirmed the sale of the super prime, operational purpose built student accommodation (PBSA) asset, The Garage in Egham, on behalf of Danehurst Developments.
The outstanding 166 bed design-led scheme was brought to market earlier this year by CBRE quoting offers in excess of £34m. It is understood that the opportunity attracted significant investor interest and that the achieved sale price was in excess of quoting.
The Garage, which comprises 80% en-suite cluster rooms and 20% self-contained studios, benefits from a prominent and prime location on Harvest Road, just two minutes’ walk to Royal Holloway, University of London (RHUL). Opening ahead of the 2021/22 academic year and boasting best in class specification, amenities and excellent proximity to campus, The Garage has proved extremely popular with students attending RHUL and achieved full occupancy in its first year of operation. Accommodation is arranged across five individual blocks set amongst landscaped gardens and offering residents a large, contemporary communal lounge, study areas and fully equipped gym.
Danehurst Developments was founded in 2012 by Bob Bratland and Richard Rose and has to date delivered a number of successful residential and PBSA schemes in Kingston-Upon-Thames and Egham, including The Pad and Podium PBSA schemes now operated by iQ which also service RHUL. The disposal of The Garage is in line with Danehurst’s strategy of delivering high quality schemes in strong markets within excellent micro-locations.
Savills advised the purchaser.
It has been a particular pleasure to act for Danehurst on the disposal of The Garage, a genuinely outstanding PBSA scheme. We anticipated strong investor interest due to the quality of the asset and highly compelling investment case for UK PBSA and this was borne out by the calibre of bidders.
We are delighted with the reception The Garage received in the investment market. CBRE has proven why they are the market leaders in this sector. Their management of and communications through all the stages of the sale process delivered well beyond expectations.
Danehurst owe a huge debt of gratitude to HG Construction Limited whose monumental efforts during the pandemic ensured successful delivery of the scheme on time and budget. Despite uncertainties caused by COVID-19, and through tenacious efforts by staff at The Garage, the accommodation was full for AY21/22. The outstanding reception The Garage received in the market is a solid stamp of approval of the quality of accommodation Danehurst delivers and will continue to deliver as we now expand into the South-West, North and Scotland.