The Portsmouth HMO portfolio was acquired and developed in 2007/08 for 3 institutional pension funds and operated by Campbell Property until its sale to Student Cribs in October 2017.
Acquiring 32 properties from family owners on a unit by unit basis, Campbell Property acted as development manager and project manager to develop the assets to the extent of the prevailing Permitted Development Rights.
Delivering between 4 and 9 beds per property across a mix of non-ensuite and ensuite configurations occupancy was above 97% across the 10-year life of the fund.
On the sale of the properties to Student Cribs CP retained operations for 2 years with the new owners appointing Campbell Property’s development team to refurbish the portfolio over the summer of 2018.
Following the completion of the refurbishment CP’s marketing and sales team delivered rental growth of up to 20% by letting off-plan.