Key Features

• 21 St Thomas Street provides a rare prime freehold purpose-built student accommodation (PBSA) opportunity within central Bristol
• The property benefits from a lease agreement from the University of Bristol, with annual RPI linked uplifts (collar and cap of 1.50%-5.00%) expiring in 2036
• The University agreement reflects a rent of £203 per week (ensuite), with the Direct Let market trading at a 50% premium, therefore offering a significant future reversion
• It is an exceptionally well located building directly in between the University of Bristol’s Clifton Campus and their new landmark Temple Quarter Enterprise Campus with excellent city centre amenities on the doorstep
• Completed in 2021 to a high specification, comprising 357 beds along with excellent amenity space at 1.8 sq m per bed
• Strong ESG credentials including photovoltaic roof panel, connection to the District Heating Network, EPC A rating and BREEAM Excellent in use
• The University are charging students £238 per week (ensuite), £250 per week (twodios) and £299 per week (studios)
• The operating budget for 2025/26 is £1,084,220 equating to £3,037 per bed
• Bristol is one of the most undersupplied PBSA markets with the highest student to bed ratio amongst Russell Group cities at 2.9:1 and third highest in the UK, highlighting the chronic lack of supply
• The city’s student population increased by 14,960 in the five years to 2023/24 whilst only 1,932 PBSA beds were completed during the same period
• Bristol has 19,814 University and private owned PBSA beds as at 2025/26, of which only 4,457 beds are direct let
• The city saw the highest levels of rental growth of any student city between 2018/19 and 2023/24 at a CAGR of 4.1% compared to the 2.8% peer group average
• Low Capital Value per bed relative to comparables
• Freehold