city view jesmond - allsop · colleges sports league table for 5 years and has recently invested...
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CITY VIEW JESMONDESKDALE TERRACE, JESMOND
NEWCASTLE UPON TYNE, NE2 4DY
REFURBISHED STUDENT ACCOMMODATION INVESTMENT
IN THE HEART OF VIBRANT JESMOND
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
INVESTMENT CONSIDERATIONS
Newcastle is the largest City in the North East
Situated in Jesmond, Newcastle’s most affluent and vibrant residential suburbs
Jesmond is first choice location for students in Newcastle and 2 minutes walk to the vibrant Osborne Road
Prominent position within an established prime student area, 13 minutes’ walk from Newcastle University, 11 minutes’ walk from Northumbria University and 2 minutes’ walk from Jesmond Metro Station
Newcastle was described by the Times Good University guide as ‘a magnet for students’ and boasts over 43,000 full time students
Defensive asset class with alternative use and rental growth potential
Tightly supplied market with 3.4 students per purpose built bed space
Located close to excellent local amenities
Comprises two recently refurbished student halls providing a total of 123 student units split between Block A (65 units) and Block B (58 Units)
55% prelet and under offer for the 2019 term
Projected 2019 term Gross income of £725,704 per annum inclusive of rent, car park, utility and laundrette income
Freehold
We are seeking offers in excess of £9,250,000 (Nine Million Two Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a gross initial yield of 7.85% on the projected 2019/2020 income excluding purchaser’s costs.
Outline for identification purposes only.
JESMOND : UPMARKET & SOPHISTICATED
Jesmond is the most expensive and upscale suburb of Newcastle and characterised by large, terraced, Victorian and Edwardian housing. The area is popular with affluent families attracted to Jesmond’s two private schools, young professionals and students. The suburb includes the leafy Jesmond Dene Park known for its outstanding beauty including Jesmond Dene House a boutique luxury hotel restaurant.
The area is well connected with three Metro Stations, providing public transport links to Newcastle City Centre and the rest of the region.
Jesmond offers an excellent selection of independent fashion boutiques, jewellers primarily located on Acorn Road. Osborne Road is the famous hub of the action and has a thriving social scene including independent restaurants and cocktail bars providing an up market alternative to the clubs and bars of the city centre.
There are three supermarkets, a Waitrose, Tesco Metro and Sainsburys a community library and swimming pool, complete with fitness suite and exercise classes and a number of specialist gyms.
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
DESCRIPTIONBlock A comprises an attractive period building built in the early 20th century split over four storey’s and formed of solid red brick walls, Georgian style sash windows and a slate mansard roof. There is a car park to the rear of Block A which provides 11 car parking spaces.
Block B is a modern block split over three floors and formed of red brick walls, uPVC double glazing, beneath a flat roof. Both blocks have been tastefully refurbished to a high specification to include new electric central heating with ‘smart radiators’, kitchens, bathrooms, internal doors and a new flat roof on Block B. The scheme achieved practical completion in September 2018.
Both blocks are directly managed by the in house management team.
The building comprises a total 123 student units split between Block A (65 units) and block B (58 units). Block A provides a mix of studio and traditional flat rooms whilst Block B provides exclusively flat rooms. The studio rooms are spacious and arranged to provide internal bathrooms and kitchen facilities whilst the flat rooms provide communal bathrooms and kitchen facilities. There is a communal onsite laundrette located on the lower ground floor within Block A.
On site amenities include:
• Fully furnished rooms
• High speed fibre broadband
• On site laundrette and bike storage facilities
• Secure resident’s car park (11 car parking spaces)
• 24/7 emergency maintenance & helpline
• CCTV & Intercom entry
• In-house Cleaner and Janitor services
• Complimentary Sky TV package with 60” TV’s in communal areas
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
LOCATIONThe City benefits from some 298,883 residents and forms part of the wider Tyneside conurbation. Newcastle is the North East’s primary retailing, leisure and office destination and is located approximately 280 miles (451 km) north of London, 100 miles (160 km) north of Leeds and 109 miles (175 km) south of Edinburgh.
Newcastle benefits from excellent transport links being located in close proximity to the A1 and A19, providing access to both the north and south of the UK and the A69 connecting the City to Carlisle and Cumbria to the west.
Rail services are provided via the East Coast Mainline from Newcastle Central with quickest journey times to Sunderland, Edinburgh and London Kings Cross of 19 minutes, 1 hour 27 minutes, and 2 hours 0 minutes respectively. Newcastle International Airport is located 6 miles North West of the City Centre.
SITUATIONThe property is situated in Jesmond, a prime student area within close proximity of Northumbria University (0.6 miles) and Newcastle University (0.7 miles). Jesmond Metro station (0.1 miles) is readily accessible from the subject property which provides regular services into Newcastle city centre.
The area benefits from excellent local amenities with Osborne and Acorn Road home to a number of top national occupiers including Waitrose, Starbucks, Boots, Greggs, Pizza Express and many others.
Leisure and sporting facilities nearby include Dene Park, Jesmond Cricket & Tennis Club which are all within comfortable walking distance of the subject property.
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Newcastle-upon-Tyne is the regional and economical capital of the North-East of England.
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SUBJECT PROPERTY
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
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REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
NEWCASTLE: A STUDENT CITY
“Newcastle-upon-Tyne is host to two leading universities: Newcastle University and Northumbria University. Combined, the two universities boast a full time student population of over 43,000 which has more than doubled in the past 15 years. The city has been named ‘a magnet city for students’ by The Times Good University Guide with Newcastle University receiving 6.1 applications per place and Northumbria University receiving 5.1 applications per place.”
UNIVERSITY OF NEWCASTLE Newcastle University is the fourth largest employer in the North East. In terms of education, Newcastle University has received academic acclaim and is a member of the prestigious Russell Group that comprises the leading 24 universities in the UK and is ranked among the 150 best universities in the world. The university has recently introduced new courses, including Pharmacy, making it one of the few universities to offer this degree. Recent investment includes a £30 million extension of the sports centre which is due to open in 2020 as well as the £350 million Science Central project (in partnership with the City Council) homing National Innovation Centres as well as new lecture halls and student facilities.
NORTHUMBRIA UNIVERSITYNorthumbria University is the biggest university in the northeast of England, and it is investing £22 million in its city campus to improve the student experience, with a new ‘Student Central Zone.’ The university has been ranked in the top ten British Universities and Colleges Sports league table for 5 years and has recently invested £30 million in its sports centre including a swimming pool, climbing wall and a 3,000 seat indoor area. In 2004, in recognition of the academic achievements of the two Universities, the UK government designated the City of Newcastle as one of six UK science cities.
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
NATIONAL STUDENT MARKETIn the UK, student accommodation as an asset class continues to perform well and increase in popularity. New investors have recognised the security of income and good rental growth that student accommodation offers. The sector is particularly resilient to ongoing macro-economic issues and remains robust in uncertain markets. This is highlighted by the continuing increase
in purpose built student accommodation and new entry investors investing into the market. Fundamental to the sector’s resilience is the growth in applicants looking to come to University from the European Union and the rest of the world.
(UCAS, 2017/2018)
NEWCASTLE OCCUPATIONAL DEMAND: STUDENT ACCOMMODATIONThere are approximately 15,000 purpose built student bed spaces in Newcastle upon Tyne split between the university and private ownership, with 3,700 currently under construction. Excluding the development pipeline, there are 3.4 students per PBSA bed space.
Full Time Part Time Total Full Time
Applications Per Place
Total PBSA Beds Available
Development Pipeline
Students Per PBSA Bed Space
Newcastle University 22,245 1,550 23,795 6.1015,000 3,700 3.4
Northumbria University 21,145 6,020 27,165 5.10
*PBSA – Purpose Build Student Accommodation
Unique student investment located in the heart of Jesmond close to the vibrant Osborne Road”
“
Northumbria University has invested £200 million in its city centre campus over the past ten years.
A magnet for students’ and boasts over 43,000 full time students. Headline rental growth for purpose built student accommodation (PBSA) increased by 2.26% for the 2018/19 academic year.
Population in excess of 298,883 residents in Newcastle Upon Tyne.
Newcastle University has recently been involved in the £250 million Science Central project alongside the city council.
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
ACCOMMODATIONThe property provides the following areas (GIA):
Block A
Floor Units per floor
Area (sq m)
Area (sq ft)
Lower Ground 8 380 4,090
Ground Floor 18 900 9,688
First Floor 22 900 9,688
Second Floor 17 400 4,306
Total 65 2,580 27,771
Block B
Floor Units per floor
Area (sq m)
Area (sq ft)
Ground Floor 18 340 3,660
First Floor 20 340 3,660
Second Floor 20 340 3,660
Total 58 1,020 10,979
The overall area (GIA) of the property is 3,600 sq m (38,750 sq ft).
LETTING & MANAGEMENT
Both blocks are fully occupied for 2018/2019 term producing a total of £579,024 p.a. Due to practical completion of the property in September 2018 the length of contracts was shortened to 43 weeks.
The income for the September 2019 term reflects a 52 week term, utilities charge of £170 p.a. laundrette and car parking income.
Traditionally student accommodation in Jesmond are 50% let by end of January, 75% by end of March and 100% by end of June. Presently, 55% of the rooms are pre-let and under offer for the 2019 term as per the projected income profile below.
The table below sets out the projected income profile from 2019 / 2020 which has been broken down into rental income, laundrette income and car parking income.
There are 11 car parking spaces of which 10 are let and one is used for staff purposes.
Further information is available in the dataroom.
Summary Income Breakdown Block A & Block B
Gross 2019 Projected Income p.a.
Block A Rent £394,680
Block B Rent £296,444
Utilities £20,910
Car Park £3,670
Laundrette £10,000
Total 2019 Income £725,704
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMOND CITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
TENANCY SCHEDULE - CITY VIEW - BLOCK A
Room Size Floor Level
Gross Projected 2019/20 Rent p.a.
(52 Week)
Pre let & Under offer
2019-20 Area (sq m)
Area (sq ft)
FLAT 9 (2 ROOMS)
A 8.0 86 Lower Ground £5,980 ✓
B 7.0 75 Lower Ground £5,980 ✓
STUDIO APARTMENTS
1 16.0 172 Lower Ground £7,800
2 19.0 205 Lower Ground £8,580
3 17.0 183 Lower Ground £7,800
4 28.0 301 Lower Ground £8,840 ✓
5 19.0 205 Lower Ground £8,060
6 24.0 258 Lower Ground £8,060
FLAT 1 (4 ROOMS)
A 10.0 108 Ground £5,980 ✓
B 9.0 97 Ground £5,980 ✓
C 8.0 86 Ground £5,980 ✓
D 9.0 97 Ground £5,980 ✓
STUDIO APARTMENTS
7 18.0 194 Ground £8,320
8 15.0 161 Ground £8,580
9 22.0 237 Ground £8,580 ✓
10 19.0 205 Ground £8,840
11 15.0 161 Ground £8,840
12 TBC TBC Annex* £8,840
FLAT 2 (8 ROOMS)
A 8.0 86 Ground £5,148 ✓
B 7.0 75 Ground £5,148 ✓
C 9.0 97 Ground £5,148 ✓
D 8.0 86 Ground £5,148 ✓
E 8.0 86 Ground £5,148 ✓
F 7.0 75 Ground £5,148 ✓
G 10.0 108 Ground £5,148 ✓
H 8.0 86 Ground £5,148
FLAT 3 (7 ROOMS)
A 9.0 97 First Floor £5,564 ✓
B 9.0 97 First Floor £5,564 ✓
C 9.0 97 First Floor £5,564 ✓
D 9.0 97 First Floor £5,564 ✓
E 9.0 97 First Floor £5,564 ✓
F 9.0 97 First Floor £5,564 ✓
G 8.0 86 First Floor £5,564 ✓
Room Size Floor Level
Gross Projected 2019/20 Rent p.a.
(52 Week)
Pre let & Under offer
2019-20 Area (sq m)
Area (sq ft)
FLAT 4 (8 ROOMS)
A 8.0 86 First Floor £5,460 ✓
B 9.0 97 First Floor £5,460 ✓
C 9.0 97 First Floor £5,460 ✓
D 9.0 97 First Floor £5,460 ✓
E 9.0 97 First Floor £5,460
F 9.0 97 First Floor £5,460
G 9.0 97 First Floor £5,460
H 9.0 97 First Floor £5,460
FLAT 5 (7 ROOMS)
A 9.0 97 First Floor £5,564 ✓
B 7.0 75 First Floor £5,564 ✓
C 8.0 86 First Floor £5,564 ✓
D 8.0 86 First Floor £5,564 ✓
E 8.0 86 First Floor £5,564 ✓
F 8.0 86 First Floor £5,564 ✓
G 7.0 75 First Floor £5,564 ✓
FLAT 6 (7 ROOMS)
A 8.0 86 Second Floor £5,564
B 8.0 86 Second Floor £5,564 ✓
C 8.0 86 Second Floor £5,564 ✓
D 8.0 86 Second Floor £5,564 ✓
E 8.0 86 Second Floor £5,564 ✓
F 8.0 86 Second Floor £5,564 ✓
G 9.0 97 Second Floor £5,564 ✓
FLAT 7 (8 ROOMS)
A 8.0 86 Second Floor £5,460
B 8.0 86 Second Floor £5,460 ✓
C 8.0 86 Second Floor £5,460 ✓
D 8.0 86 Second Floor £5,460 ✓
E 8.0 86 Second Floor £5,460 ✓
F 8.0 86 Second Floor £5,460 ✓
G 8.0 86 Second Floor £5,460 ✓
H 8.0 86 Second Floor £5,460 ✓
FLAT 8 (2 ROOMS)
A 7.0 75 Second Floor £6,136 ✓
B 9.0 97 Second Floor £6,136 ✓
REFURBISHED STUDENT ACCOMMODATION INVESTMENT IN THE HEART OF VIBRANT JESMONDCITY VIEW JESMONDESKDALE TERRACE, JESMOND, NEWCASTLE UPON TYNE, NE2 4DY
TENANCY SCHEDULE - CITY VIEW - BLOCK B
Room Size Floor Level
Gross Projected 2019/20 Rent p.a.
(52 Week)
Pre let & Under offer
2019-20 Area (sq m)
Area (sq ft)
FLAT 1 (4 ROOMS)
A 8.0 86 Ground £5,148
B 8.0 86 Ground £5,148
C 9.0 97 Ground £5,148
D 8.0 86 Ground £5,148
FLAT 2 (5 ROOMS)
A 8.0 86 Ground £5,044 ✓
B 8.0 86 Ground £5,044 ✓
C 8.0 86 Ground £5,044 ✓
D 9.0 97 Ground £5,044 ✓
E TBC TBC Ground £5,044 ✓
FLAT 3 (4 ROOMS)
A 8.0 86 Ground £5,148 ✓
B 8.0 86 Ground £5,148 ✓
C 9.0 97 Ground £5,148 ✓
D 8.0 86 Ground £5,148 ✓
FLAT 4 (5 ROOMS)
A 8.0 86 Ground £5,044 ✓
B 9.0 97 Ground £5,044 ✓
C 9.0 97 Ground £5,044
D 9.0 97 Ground £5,044
E 9.0 97 Ground £5,044
FLAT 5 (5 ROOMS)
A 9.0 97 First Floor £5,148 ✓
B 7.0 75 First Floor £5,148
C 8.0 86 First Floor £5,148
D 8.0 86 First Floor £5,148 ✓
E 8.0 86 First Floor £5,148
FLAT 6 (5 ROOMS)
A 8.0 86 First Floor £5,148
B 8.0 86 First Floor £5,148
C 8.0 86 First Floor £5,148
D 8.0 86 First Floor £5,148
E 8.0 86 First Floor £5,148
Room Size Floor Level
Gross Projected 2019/20 Rent p.a.
(52 Week)
Pre let & Under offer
2019-20 Area (sq m)
Area (sq ft)
FLAT 7 (5 ROOMS)
A 8.0 86 First Floor £5,148 ✓
B 8.0 86 First Floor £5,148 ✓
C 8.0 86 First Floor £5,148 ✓
D 9.0 97 First Floor £5,148 ✓
E 8.0 86 First Floor £5,148
FLAT 8 (5 ROOMS)
A 7.0 75 First Floor £4,928
B 8.0 86 First Floor £4,928
C 8.0 86 First Floor £4,928
D 9.0 97 First Floor £4,928
E 8.0 86 First Floor £4,928 ✓
FLAT 9 (5 ROOMS)
A 8.0 86 Second £5,148
B 8.0 86 Second £5,148
C 8.0 86 Second £5,148
D 9.0 97 Second £5,148
E 8.0 86 Second £5,148
FLAT 10 (5 ROOMS)
A 8.0 86 Second £5,148
B 8.0 86 Second £5,148
C 8.0 86 Second £5,148
D 9.0 97 Second £5,148
E 8.0 86 Second £5,148
FLAT 11 (5 ROOMS)
A 8.0 86 Second £5,148
B 8.0 86 Second £5,148
C 8.0 86 Second £5,148
D 9.0 97 Second £5,148
E 8.0 86 Second £5,148
FLAT 12 (5 ROOMS)
A 8.0 86 Second £5,148
B 8.0 86 Second £5,148
C 8.0 86 Second £5,148
D 9.0 97 Second £5,148
E 8.0 86 Second £5,148
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 02.19
For further information or to make arrangements for viewing please contact:
Jack Robson0113 243 7952
Anthony Hart0113 243 7950
Mark Dansky020 7543 6813
Andrew Wise 020 7543 6731
allsop.co.uk
PROPOSALWe are seeking offers in excess of £9,250,000 (Nine Million Two Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level would reflect a gross initial yield of 7.85% on the projected 2019/2020 income excluding purchaser’s costs.
EPCBlock A Easton Hall – C(61). Block B Easton Hall – D(81).
VATThe property is not elected for VAT.
DATAROOMFor access to the Allsop Dataroom please use the following link:
https://datarooms.allsop.co.uk/register/Y9WAL