Marketgait, DD1
Acquisition of distressed student accommodation close to The University of Dundee. Rebranded Marketgait Apartments, the development provides high quality, state of the art stylish student accommodation with extensive communal spaces.
Located in the heart of Dundee the property is within easy walking distance of the City’s two universities, The University of Dundee and Abertay University, making the property well suited to students studying at both institutions.
- Property acquired in April 2015 from Administrator.
- Development cost £6.7 million:
- Equity investment £2.2 million from Maven Investor Partners.
- Debt of £4.5 million.
- Internal reconfiguration and extensive refurbishment to create 116 PBSA bedrooms, together with communal facilities.
- Completed September 2016, in advance of 2016/17 academic year.
- Operator Agreement with Collegiate AC Limited.
- Property achieved 100% occupancy.
- Sold in October 2018 for £9.5 million.
- 3 year hold period.
- 2.37x return for Maven Investor Partners.