Dundee apartments sold
Maven sells Marketgait student block for £9.5m
Maven acquired Marketgait Apartments for £1.55m in April 2015 and, following a comprehensive £5m internal refurbishment the development opened in time for the start of the 2016/17 academic year.
The property enjoyed 100% occupancy last year and is fully let again for the 2018/19 student year.
Colin Anderson, investment director at Maven, said: “Today’s sale is another excellent return for our investors.
“In conjunction with our operating partner, Collegiate AC, we saw the opportunity to create a high quality, stylish studio product that did not previously exist in the Dundee market, which is evidenced by the consistently high occupancy levels achieved to date.
“By identifying the right assets and delivering what students want for an affordable rent, the PBSA sector continues to offer excellent opportunities for institutional and overseas investors.
“Scotland in particular continues to be a strong market for Maven where we have developed and recently exited from similar assets in Glasgow and Edinburgh. We are grateful to all the firms who supported us on the project and in particular The Royal Bank of Scotland, which provided the senior debt, main contractor Morris & Spottiswood, and Workman as project manager.”