The Mill House, EH11
New build PBSA development situated on Gorgie Road, close to both Napier University and the University of Edinburgh.
The property offers student accommodation of the very highest standard in an excellent location, enhancing the quality of the city's accommodation provision. The popularity of the development saw it 100% pre-let for the full academic year post opening.
- Site acquired in 2015.
- Development cost £19.2 million:
- Equity investment £9.5 million from Institutional client
- Debt of £9.7 million
- Development of 257-bedroom PBSA together with a ground floor retail unit.
- Completed September 2017, in advance of 2017/18 academic year.
- Operator Agreement with Fresh Student Living.
- Asset Management Services Agreement on behalf of institutional client
- Sold in August 2018 for £25 million to Malaysian pension fund.
- Investor Return on Equity –1.56x multiple of capital invested, 18.4% IRR