Riverside Capital has completed on a further collection of properties for its student portfolio: Lillico House. The asset comprises 10 units, totalling 64 beds, acquired at a price of £3,600,000 or £56,250 per bedspace. Sitting between Jesmond and Sandyford, the properties are also within the direct vicinity of the student portfolio’s other Newcastle asset, Portland Terrace.
Lillico House, originally an army barracks, has several amenities afforded to its residents, including a landscaped courtyard, ample parking, recently refurbished bathrooms and common spaces, aesthetically pleasing brickwork cladded houses and a general location that attracts significant student demand.
To drive rents further, a large refurbishment programme will be rolled out across the site during the summer gap between academic years.
Given the comparable nature of Portland Terrace, which has recently been valued at £75k per bed space, we can anticipate a favourable exit post-refurbishment.