Knight Frank launches eco-friendly PBSA asset in Greenwich for £19m

Acting on behalf of the vendor Linden Hill Capital, global property consultancy Knight Frank has launched to the market Westcombe House, an operational purpose-built student accommodation (PBSA) scheme located in Greenwich, London.

Knight Frank is seeking offers in excess of £19m for the asset. Westcombe House is a three-storey best-in-class, sustainable development that comprises 61 studio rooms along with a large number of amenities including a gym, gaming room, cinema, lounge, private outdoor terrace and private dining room.

The property boasts excellent ESG credentials including EPC A rating, air source heat pumps and a large solar PV array.

The scheme is situated on Tunnel Avenue and sits within close proximity to the University of Greenwich and Ravensbourne University. Westcombe Park Train Station just to the south of the property provides approx. 15-minute direct service to London Bridge, therefore allowing residents studying in Central London to travel with ease to campus and lectures.

Haroun Al-Mishwit at Linden Hill Capital said:“The London PBSA market needs more assets like Westcombe - With solid 4- and 5-star reviews from residents and with a Green M&E system that alleviates load on the grid & costs for investors, there is a strong forward story for the property.

“As an activist Real Estate investor, Linden Hill has played its role and it is now time to pass the baton to owners who will lead the next stage of the success story!”

Mike O’Sullivan, partner in the student agency team at Knight Frank commented: “With ESG high on investors agenda, Westcombe House offers a rare opportunity to purchase a property with strong credentials.

“Incoming buyers are well placed to benefit from London’s continuing undersupply with 69 per cent of full-time students still unable to access purpose-built accommodation. At a net initial yield of 5.24 per cent it also offers good value in what is the UK’s prime student market.”

By Mark Adair – Correspondent, Bdaily

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