Student Investment Still Going Strong in Coventry
Bromwich Hardy have recently completed the investment sale of Apollo House and the Annexe, to international student fund L1 Property.
The two buildings house 161 student beds and have been operating as student halls for the last 20 years, taking students from both Coventry and Warwick Universities. The sale completed prior to the Christmas break with the purchasers taking over management of the buildings and the existing contracts with students, in a deal that equated to a 9.82% Net Initial Yield.
James Brookes, Partner at Bromwich Hardy commented: –
“Coventry has seen an explosion of student housing development over the past couple of years, but this has mainly been due to the fact the City had one of the lowest percentages of purpose-built stock in the country, so there was a long way to go! It is good to know the existing stock is still highly in demand and we are achieving strong values in a fast-changing market”.