KNIGHT FRANK SELLS PELHAM TERRACE, BRIGHTON FOR £11,350,000
11th September 2018
Knight Frank sells 2-6 Pelham Terrace, Lewes Road, Brighton for £11,350,000
Brighton, England – Knight Frank’s student property team, on behalf of CKC Properties Limited, has sold a development site located on Lewes Road, Brighton with planning consent for 209 student bedrooms for £11,350,000. CKC Properties assembled the site and secured planning. The site was purchased by a U.K. based owner operator, represented by Barbers Property.
The freehold scheme has planning consent for 172 studio bedrooms, 22 bedrooms configured as twin studios, four two-bedroom flats and one one-bedroom flat. It is anticipated that this high quality scheme, with extensive student amenity and community space, will delivered for the September 2020 academic year.
The price reflects approximately £54,300 per student bedroom.
Purpose built student accommodation (PBSA) continues to be structurally undersupplied in Brighton with just one in four students able to access this accommodation. The scheme is exceptionally well located adjacent to the Preston Barracks and University of Brighton Moulsecoomb Campus regeneration schemes.
Rachel Pengilley, Knight Frank Student Property, commented:“The transaction demonstrates exceptionally strong investment demand for well-located development sites in key University cities. PBSA in Brighton continues to perform strongly with continuing year-on-year rental growth and a limited development pipeline of new schemes.”
CKC Properties Limited has a pipeline of PBSA development sites in key U.K. PBSA markets.