Cambridge student portfolio on the market for £1.95m
A rare investment opportunity to buy a substantial portfolio of student apartments in Cambridge has come on the market through property agent, Cheffins. The guide price is £1.95 million.
The 10 en-suite apartments in the portfolio in Purbeck House in Purbeck Road (off Hills Road) all have leases until 2022 with Alpha Plus Group Limited, the owner of Abbey College, an independent sixth form college in the city.
Purbeck House has the potential to increase in value (capital growth) and, beyond the current lease, a ready market for student accommodation in Cambridge. Cambridge, home to the top-ranking university in the UK, is forecast to be the fastest growing UK city economy over the next years, driven by the growth in its innovation and technology sector.
The strength in the market for purpose-built student accommodation in Cambridge was highlighted in 2018 with the sale of 251-bed Brunswick House on Newmarket Road for £38m – a record for a direct-let student accommodation outside of the M25. As well as the University of Cambridge, the city is also home to Anglia Ruskin University and a large number of other educational institutions.
Purbeck House, close to the city centre, comprises 151 purpose-built apartments in total and occupants have access to communal cinema room, a common room and laundry.
Philip Woolner, joint managing partner at Cheffins who is acting as agent, said: “Purpose-built student accommodation such as Purbeck House rarely comes on the market in Cambridge and is a very attractive long-term investment opportunity.
“It provides a secure rental income up until 2022 and the demand for student accommodation is almost certainly going to remain strong beyond that. It also has the potential for capital growth, such is the expected growth in the Cambridge economy.”
For more details on Purbeck House, call Philip on 01223 213666 or email Philip.woolner [at] cheffins.co.uk