Commercial property estate agent Hodgson Elkington LLP has completed the sale of Lincoln student accommodation block Saul House for around £3.67 million.
This story was first reported in Issue 12 of Lincolnshire Business Magazine. Read the full publication online now.
The block of flats was constructed in 2013 and lies within 100 metres of the University of Lincoln’s Brayford Pool campus.
It comprises 69-ensuite student bedrooms arranged in 3-bed clusters with shared kitchens and laundry facilities. The property was fully let in its first year of operation.
Acting on behalf of the developer, a joint venture between Westleigh Developments Ltd and Derwent Living, Hodgson Elkington negotiated a sale of the investment to local student accommodation provider APS Properties.
The property was sold for an undisclosed sum, close to the guide price of £3.67 million, which reflected a net initial yield of 7.0%.
Tim Murgatroyd, Consultant at Hodgson Elkington said: “Reaching 100% occupancy in its first year of operation demonstrates the success of this distinctive construction project. After interest was shown from regional and national investors it is pleasing that APS, a Lincoln business specialising in this sector, was the eventual purchaser.”