CBRE Instructed on Super Prime Student Accommodation Scheme in Egham
Global real estate advisor CBRE has been instructed to seek offers on a super prime, operational purpose built student accommodation (PBSA) asset, The Garage in Egham, developed by Danehurst. Offers are being sought in excess of £34m for the purchase of the freehold interest, reflecting a net initial yield of c. 5 % based on projected 2022/23 net operating income.
The outstanding design-led scheme offers 166 beds arranged across 133 en-suite clusters and 33 self-contained studios with impressive on-site amenities including a fully equipped gym, lounge area and a large garden.
The Garage benefits from a prominent and prime location on Harvest Road, just two minutes’ walk to Royal Holloway, University of London.
This is a fantastic opportunity to acquire a high-quality, exceptionally well located operational PBSA asset in a key UK university town. The asset benefits from great design, a very lettable unit mix (as evidenced by selling out in its first year of operation) and of course its prime location, being adjacent to one of London’s top universities. The Garage is without doubt a hugely compelling investment opportunity.