LaSalle Investment Management Acquires Victoria Hall, Wembley, London HA9
February 11 2014 - LaSalle Investment Management has announced the acquisition of Victoria Hall, a student accommodation property in Wembley, London HA9 for £41.45 million representing a net initial yield of 6.57%.
LaSalle Investment Management has announced the acquisition of Victoria Hall, a student accommodation property in Wembley, London HA9 for £41.45 million representing a net initial yield of 6.57%.
The property is a purpose-built 20 storey student accommodation block, totaling approximately 83,928 square feet, which was completed in September 2011. It provides 435 student bedrooms with 242 cluster rooms, 172 studios and 21 penthouse studios. The property is directly let to students on annual Assured Shorthold Tenancies. A 3 year rental guarantee was provided by the vendor.
Victoria Hall is situated in an ideal location for student housing due to its connectivity to wider London and the local amenities students require. The building is adjacent to Wembley Park Underground Station. Residents have easy access to London’s 41 universities, colleges and amenities including the University of Westminster campus at Northwick Park four minutes away on the Metropolitan Line. The new Wembley designer outlet mall which launched towards the end of 2013 provides further attraction for both domestic and international students.
John Yeend, Director at LaSalle Investment Management "UK student housing is structurally under-supplied, particularly in London. The sector is becoming increasingly sought after by both institutional and private investors, with a high income component and ability to drive rents annually delivering attractive real returns. The Wembley property represents core London, underpinned by residential, with an attractive yield. The acquisition continues LaSalle's investment activity in the student sector."
LaSalle was advised by Jones Lang LaSalle whilst Savills advised Westbrook Partners.