St Marks Project Moves Forward
15th Feb 2019
Property Partner have completed what they are describing as the UK's largest property crowdfund ever, as investors take a stake in Newcastle's student accommodation market.
Property Partners describes itself as "the world's first property stock exchange" allowing people to invest in property with comparatively small sums of money.
The company has crowdfunded £2.99m towards the overall purchase price of £5.36m. The remaining portion is funded via a mortgage.
The block of student accommodation in Newcastle consists of 65 studios and sits close to both Newcastle University and Northumbria University. The block is also fully tenanted for the 2017-18 academic term and has achieved a 98% occupancy rate over the past 2 years.
Commenting on the investment, CEO and founder of Property Partner, Daniel Gandesha, said: "To have achieved the UK's largest ever property crowdfund is a proud moment for us, and a pivotal moment in the property investment space.
"It is no surprise that purpose-built student accommodation is what has driven this interest given its strong performance in recent years, and being an asset class that traditional landlords have long been locked out of.
"But it's not only great for investors. Students no longer view run down student digs as part and parcel of their university experience. Expectations are changing as more and more purpose-built blocks offer students modern and attractive accommodation at the heart of their university towns."
15th Feb 2019
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