Prime University Backed Purpose Built Student Accommodation

This stabilised PBSA in Leeds and comprises 460 beds in a highly desirable student market. The asset offers best in class amenities and is on track to be 100% let for September 2024 year. With 64% of the beds on a nominations agreement to Leeds Arts University and 36% available for direct let, The Leatherworks offers a robust mix of inflation-linked income and potential for substantial rental growth. The asset also offers strong value add potential, with the potential to develop a further 59 beds on the car park (subject to necessary consents). Leeds is home to five major higher education institutions with 70,000 students, 65% of which don’t have access to PBSA beds. High spec scheme refurbished 2 years ago. The property is 100% en-suites, providing affordable accommodation with a very strong amenity offering including gym, games room, cinema and lounges. The asset provides a gross operating income of £3.41m and a net operating income of £2.41m. Asset management opportunity to add an additional 59 beds (subject to planning) and £400,000+ to the NOI.