UK: Yorkshire-based developer Urbanite Living has placed a portfolio of PBSA assets on the market with an asking price of £130 million.
The five schemes, comprising 999 beds, are located in the key Russell Group student cities of Leeds, York, Sheffield and Glasgow. The portfolio offers a combination of existing operational assets and new-build schemes due for occupation during 2024.
It includes The Coal Yard in central York, which is already operational with 189 en-suite cluster and studio units. In Leeds, the Leatherworks provides 460 cluster bedrooms within close proximity to both universities, and 26 Great George Street is currently under construction to provide 54 studio bedrooms in the city centre by the end of 2024. Electric Press in Sheffield is a development of 125 cluster and two studio flats. Currently under construction, Clyde Court will provide 169 studio bedrooms as part of a city centre site redevelopment next to the river Clyde in Glasgow.
Urbanite has developed the portfolio over the last five years and is selling the assets to recycle capital into its next ventures. These include plans to deliver its £400 million regeneration scheme at the former Yorkshire Post Newspapers site in Leeds.
Urbanite is currently exploring land sale and forward funding options for up to 1,700 student beds and 348 BTR apartments on the strategically important gateway site.
Urbanite was founded by Daniel Newett and Timothy Smith. They said: “We are excited to bring this portfolio to market after five years of regenerating disused properties or land. Our investments have been well considered in providing much needed purpose-built student accommodation in prime locations where demand consistently outweighs supply. Urbanite is a young and dynamic team, always poised with the capital support, to deliver sustainable real estate with long term value. We are looking forward to selling this prime investment opportunity to support our next series of exciting development projects.”
Gerald Eve has been appointed to market the portfolio. Alexander Kitts, associate partner at the firm, said: “We are pleased to represent Urbanite in marketing a very strong portfolio of assets in key performing university cities of international repute. The student housing market is highly resilient as demonstrated by its counter-cyclical nature with student numbers growing at record rates across the nation. Subsequently, PBSA is underpinned by a strong occupational market, which continues to attract a wide range of investors.”
