Walton Robinson has recently completed the sale of 65 studio apartments, on Pitt Street in Newcastle city centre, to property crowdfunding company Property Partner in a UK first.
The purchase of this purpose-built student accommodation (PBSA) block was fully funded within a matter of days. It sold for £5.36m with £2.99m coming from hundreds of small investors contributing an average investment of £2,223 each. The remainder was funded via a mortgage.
PBSA is currently the UK’s strongest performing property sector and Newcastle upon Tyne is one of the key target cities for investment thanks to being home to two world-class universities which together, enrol over 50,000 students.
Chris Wilkin, Investment consultant at Walton Robinson commented; “This fantastic transaction demonstrates the strong performance of the PBSA sector in Newcastle, a leading city for student accommodation. It is fantastic to see the involvement of Property Partner in the sector, especially with the largest crowd funded purchase in UK history, demonstrating the continuing returns of PBSA for investors.”