Quintain sell completed student development at Elephant & Castle for £34 million

Quintain Estates today revealed that it has sold it’s completed student accomodation scheme at Elephant & Castle in London for £34 million today. The loss-making urban regeneration specialist needed a quick sale to avoid the carrying costs.

Known as Dashwood Studios, located on Walworth Road, just three minutes from Elephant & Castle tube station, Dashwood provides 232 student studios and  opened for this academic year. It is 100% let at rents of between of £220 and £280 a room. The asset is managed by Fresh Student Living. The retail units on the ground floor  are under offer.

The sale price of £34 million compares with the 31 March 2011 site valuation of £14.7 million and subsequent construction expenditure of £17.8 million, though Quintain have not revealed what they paid for the site …

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