Far East Orchard Limited has acquired three student dorms in the U.K. for $98.7 million. The students dorms are in line with the developer’s attempt to generate consistent, recurring income.
Two student dorms are 133-bed Harbour Court and 166-bed St Lawrence House in Bristol. The Glassworks in Liverpool is another, which has 323 beds. In total, Far East Orchard has 2,091 beds across its eight properties following the additional 622 from this latest deal.
The student dorms will be managed by its previous operator for its other student housing properties in Newcastle.
Despite Brexit, Far East Orchard is confident that the demand for student dorms in the U.K. will remain strong. The city’s two universities fed an estimated 10,000 students into the local population over the past decade. This has fed a growing demand for student accommodation, which can reward landlords with lucrative rental yields.
With another 193-bed development in Brighton is in the pipeline for 2019, Far East Orchard is on track for its goal of 3,000 beds in four year’s time.
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