Regents Godiva has sold the freehold, forward funded student accommodation development, known as Godiva Place, to Aviva Investors REaLM Commercial Assets for £75.5m, reflecting a net initial yield of 4.24 per cent.
The 770-bed property in Coventry City Centre will be tenanted by Coventry University on a 30-year lease. The scheme is set to be delivered by Galliford Try Plc for September 2018, who were awarded the £40m Construction contract.
Regents Godiva is a property investment development company specially established to deliver the regeneration of the Godiva Place scheme. The company anticipates this being the first of a number of similar projects.
A spokesperson for Regents Godiva, said: “Regents is widening its development and regeneration focus to include both University academic and student-accommodation developments – despite the clear signs of a sustained period of uncertainty and disinvestment. We very much look forward to working with University and Local Authority partners in delivering similar exemplary schemes to Godiva Place, Coventry. In a period of uncertainty and the likelihood of a significant reduction of investment – we remain open for business.”
Knight Frank advised Regents Godiva Ltd and Colliers International Aviva.