46 Bedroom Block Of Apartments Flat for sale in St. James Street, Newcastle Upon Tyne

46 Bedroom Block Of Apartments Flat - £3,080,000

St. James Street, Newcastle Upon Tyne

First listed on: 10th January 2020

Nearest stations: Newcastle Central (0.5 mi)Manors (0.6 mi)Dunston (1.8 mi)Metro Centre (Gateshead) (2.3 mi)Heworth (3 mi)

Interested in this property? Call See phone number 0191 243 1000

Further Informations

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Property Features

  • Purpose Built Student Accommodation Investment B
  • Prime City Centre Location
  • Adjacent to Successful 331 bed Vita Student Newcas
  • Fully Let for 2020/21 Academic Year
  • 46 beds being a mix of 4 and 5 bed apartments as w

Property Description

Purpose Built Student Accommodation // Prime City Centre Location // 46 beds // Fully Let for 2020/21 Academic Year // £308,752pa Gross Income

Situation

St James View is centrally located in the city being adjacent to St James Park, home of Newcastle United Football Club. The property is less than a 5 minute walk from Newcastle University s state of the art Business School on Barrack Road as well the Newcastle Helix development off St James Boulevard, which is being led by a partnership between Newcastle City Council , Newcastle University and Legal and General. Newcastle Helix is the City s flagship development and is the only city centre quarter of its kind in the UK. When fully developed, hundreds of researchers, businesses and progressive homeowners will live and work side by side, close to food, drink and entertainment venues and areas of public realm.The main Newcastle University and Northumbria University campuses are a 5 minute and 10 minute walk respectively. St James Park metro station is a one minute walk from the property, with Haymarket Bus Station less than a 5 minute walk. The property is located in a popular student rental area with other PBSA providers such as Vita and Student Roost nearby and offers a more affordable alternative whilst remaining a premium offering.

Description

The property was fully developed in 2017 and consists of an end-terraced steel portal frame building with heritage designed cavity brickwork elevations incorporating aluminium framed double glazed windows. The front elevation is curved which adds interest to the design.Access is via a set of Biometric security controlled pedestrian doors off St James Street. To the ground floor is a restaurant unit which has separate access off Strawberry Place. To the rear of the property there is a shared private road which provides access to a covered bin storage area.The residential accommodation contains 46 beds in total and is arranged over 7 floors, comprising: 2 x 4 bed apartments to floors 1, 2, 3 & 4 2 x 5 bed apartment to floors 5 and 6 2 x studio apartments to floors 5 and 6. Each bedroom benefits from a premium en-suite shower room whilst each apartment comprises a lounge and fully integrated kitchen. The studio apartments contain a galley kitchen area.Specification includes: High quality kitchen fittings includingsoft closers to doors/drawers, halogen hobs, composite sink units and brushed steel switch plates. Shower rooms comprising wet wall systems to the shower cubicles with premier mixer shower units Heating via electric wall hung panel radiators with upgraded heaters to the lounge/kitchen. Building wide air circulation/air extraction unit. Superfast 250mb broadband via 5G data cabling USB charging points to each room. Security via CCTV as well as Biometric entry system. Upgraded acoustic flooring installed between the ground floor retail unit

Premier Warranty

The property benefits from a 10 year Premier Guarantee on the structure for a period of 10 years from 9th November 2017.

Rental Schedule

The property has consistently enjoyed full occupancy with rent growing year on year, and despite the ongoing Coviv-19 pandemic the scheme is again fully let this year. A number of rooms were let prior to lockdown but after that point prospective tenants were unable to physically view and instead relied on video tours. At this point the landlord took the pro- active decision to offer the remaining rooms at a slightly reduced rent to gain full occupancy in the more challenging market conditions.The gross annual income since the 2018/19 academic year is as follows:2018/19: £286,778 (Average £120 pbpw)2019/20: £306,210 (Average £128 pbpw)Prior to the onset of Covid-19 the forecast was a minimum gross income in 2020/21 of £308,752 (£129 per bed per week). Ultimately with reductions offered to tenants who could not physically view the space before committing to leases, the gross income for 2020/21 stands at £280,735 (£117 per bed) which reflects the one-off impact of Covid-19 this year.Rooms are offered fully furnished with each bedroom including bespoke fitted furniture The vendor will top up the gross rent to the projected pre-Covid figure for 2020/21 of £308,752 per annum.A full rental schedule is available on request.

Management Costs

Full details available on request.

Energy Performance Certificates (EPCs)

Available on request.

Tenure

The residential accommodation is freehold. The commercial element on the ground floor is held freehold but subject to a long lease at a peppercorn.

VAT

The owner has opted to tax the whole building however this only applies to the commercial element on the ground floor.We have been advised that the property is held within a Special Purpose Vehicle (SPV) and there may be tax advantages if purchasing the SPV. Prospective purchasers are advised to seek their own specialised advice on the advantages/disadvantages of purchasing an SPV.

Proposal

Offers sought in excess of £3.08million (three million and five hundred thousand pounds) reflecting a gross yield of 10.02%. This equates to a low £66,957 per bed when considered against the quality of finish and location of the property.

Anti-Money Laundering Regulations

In accordance with these regulations, two forms of identification and proof of the source of capital will be required from the successful purchaser.

Purpose Built Student Accommodation // Prime City Centre Location // 46 beds // Fully Let for 2020/21 Academic Year // £308,752pa Gross Income

Situation

St James View is centrally located in the city being adjacent to St James Park, home of Newcastle United Football Club. The property is less than a 5 minute walk from Newcastle University s state of the art Business School on Barrack Road as well the Newcastle Helix development off St James Boulevard, which is being led by a partnership between Newcastle City Council , Newcastle University and Legal and General. Newcastle Helix is the City s flagship development and is the only city centre quarter of its kind in the UK. When fully developed, hundreds of researchers, businesses and progressive homeowners will live and work side by side, close to food, drink and entertainment venues and areas of public realm.The main Newcastle University and Northumbria University campuses are a 5 minute and 10 minute walk respectively. St James Park metro station is a one minute walk from the property, with Haymarket Bus Station less than a 5 minute walk. The property is located in a popular student rental area with other PBSA providers such as Vita and Student Roost nearby and offers a more affordable alternative whilst remaining a premium offering.

Description

The property was fully developed in 2017 and consists of an end-terraced steel portal frame building with heritage designed cavity brickwork elevations incorporating aluminium framed double glazed windows. The front elevation is curved which adds interest to the design.Access is via a set of Biometric security controlled pedestrian doors off St James Street. To the ground floor is a restaurant unit which has separate access off Strawberry Place. To the rear of the property there is a shared private road which provides access to a covered bin storage area.The residential accommodation contains 46 beds in total and is arranged over 7 floors, comprising: 2 x 4 bed apartments to floors 1, 2, 3 & 4 2 x 5 bed apartment to floors 5 and 6 2 x studio apartments to floors 5 and 6. Each bedroom benefits from a premium en-suite shower room whilst each apartment comprises a lounge and fully integrated kitchen. The studio apartments contain a galley kitchen area.Specification includes: High quality kitchen fittings includingsoft closers to doors/drawers, halogen hobs, composite sink units and brushed steel switch plates. Shower rooms comprising wet wall systems to the shower cubicles with premier mixer shower units Heating via electric wall hung panel radiators with upgraded heaters to the lounge/kitchen. Building wide air circulation/air extraction unit. Superfast 250mb broadband via 5G data cabling USB charging points to each room. Security via CCTV as well as Biometric entry system. Upgraded acoustic flooring installed between the ground floor retail unit

Premier Warranty

The property benefits from a 10 year Premier Guarantee on the structure for a period of 10 years from 9th November 2017.

Rental Schedule

The property has consistently enjoyed full occupancy with rent growing year on year, and despite the ongoing Coviv-19 pandemic the scheme is again fully let this year. A number of rooms were let prior to lockdown but after that point prospective tenants were unable to physically view and instead relied on video tours. At this point the landlord took the pro- active decision to offer the remaining rooms at a slightly reduced rent to gain full occupancy in the more challenging market conditions.The gross annual income since the 2018/19 academic year is as follows:2018/19: £286,778 (Average £120 pbpw)2019/20: £306,210 (Average £128 pbpw)Prior to the onset of Covid-19 the forecast was a minimum gross income in 2020/21 of £308,752 (£129 per bed per week). Ultimately with reductions offered to tenants who could not physically view the space before committing to leases, the gross income for 2020/21 stands at £280,735 (£117 per bed) which reflects the one-off impact of Covid-19 this year.Rooms are offered fully furnished with each bedroom including bespoke fitted furniture The vendor will top up the gross rent to the projected pre-Covid figure for 2020/21 of £308,752 per annum.A full rental schedule is available on request.

Management Costs

Full details available on request.

Energy Performance Certificates (EPCs)

Available on request.

Tenure

The residential accommodation is freehold. The commercial element on the ground floor is held freehold but subject to a long lease at a peppercorn.

VAT

The owner has opted to tax the whole building however this only applies to the commercial element on the ground floor.We have been advised that the property is held within a Special Purpose Vehicle (SPV) and there may be tax advantages if purchasing the SPV. Prospective purchasers are advised to seek their own specialised advice on the advantages/disadvantages of purchasing an SPV.

Proposal

Offers sought in excess of £3.08million (three million and five hundred thousand pounds) reflecting a gross yield of 10.02%. This equates to a low £66,957 per bed when considered against the quality of finish and location of the property.

Anti-Money Laundering Regulations

In accordance with these regulations, two forms of identification and proof of the source of capital will be required from the successful purchaser.

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Price History

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Date History Details
23/01/2021 Property listed at £3,080,000
11/01/2020 Property listed at £3,500,000

Property Floorplans

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Disclaimer

Disclaimer Property reference VE_29378914. Details are provided and maintained by Walton Robinson. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

This property is marketed by

101 Percy Street

Newcastle upon Tyne

NE1 7RY

Telephone: See phone number 0191 243 1000

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Disclaimer

Disclaimer Property reference VE_29378914. Details are provided and maintained by Walton Robinson. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

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This property is marketed by

101 Percy Street

Newcastle upon Tyne

NE1 7RY

Telephone: See phone number 0191 243 1000

Arrange Viewing Arrange Viewing with Agent Check Affordability Check Affordability

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