project carp - allsop · and leeds. local shops and amenities are ... externally, there is car...

PROJECTCARP

A RESIDENTIAL PORTFOLIO COMPRISING162 FLATS IN THE NORTH OF ENGLAND

INVESTMENT SUMMARY

Rare opportunity to acquire an operational, income producing residential portfolio

6 Freehold residential developments providing a total of 162 flats in Liverpool, Carlisle and the North East

• Currently 94% let across six blocks

• Portfolio gross Estimated Rental Value (ERV): £947,526 per annum

• Portfolio gross Rent Reserved: £858,483 per annum

• The Portfolio provides affordable accommodation in areas of high demand

• Offers are invited in excess of £11,850,000 for the portfolio in its entirety subject to all existing tenancies and lease, subject to contract

• An acquisition at this level reflects a Gross Yield of 8% (ERV), an average unit value of £73,602 equating to c.£105 psf

• Offers for individual blocks will be considered. Individual asking prices are outlined within this brochure

2Project Carp

SUMMARY

Block Location TenureNo. of units

Current Rent Reserved (pa)

Occupancy ERV (pa)

Regents Court Durham Freehold 20 £108,600 19 let, 1 vacant £121,380

The Picture House Carlisle Freehold 40 £214,192 39 let, 1 vacant £229,260

Old Picture House Court Stockton Freehold 30* £145,424 26 let, 3 vacant £167,160

Rokerlea Sunderland Freehold 35 £203,826 34 let, 1 vacant £209,766

56 & 58 Croxteth Road Liverpool Freehold 14 £65,721 11 let, 3 vacant £90,480

14, 16 & 18 Alexandra Terrace Liverpool Freehold 23 £120,720 22 let, 1 vacant £129,480

TOTAL 162 £858,483 151 let, 10 vacant £947,526

Rokerlea, Sunderland

Regents Court, Durham

Old Picture House Court, Stockton

The Picture House, Carlisle

Alexandra Terrace, Liverpool

Croxteth Road, Liverpool

* One flat sold

3Project Carp

DURHAM

REGENTS COURT,SOUTH HETTON,DURHAM, DH1 2DS

No. of units 20 flats

Tenure Freehold

Current rent reserved £108,600 pa

Occupancy 19 let, 1 vacant

ERV £121,380 pa

Yield 7.14% (ERV)

The property is unbroken

Offers are invited in excess of £1,700,000 subject to all existing tenancies, subject to contract

LOCATION

Regents Court is located just off the A181 on

the periphery of Gilesgate east of Durham,

north east England. The village is 30 km (19

miles) south of Newcastle upon Tyne, 2.9 km

(1.8 miles) east of Durham and 137 km (85

miles) north of Leeds.

The subject is conveniently located 4.8 km (3

miles) from the A1, which provides north-south

access, linking the property to Newcastle

and Leeds. Local shops and amenities are

available in Gilesgate with a retail park opposite

the property offering various mainstream

shops including a Tesco Extra. Further retail

opportunities are available in Durham City

Centre. Regular buses from outside the subject

provide access to the City Centre within

approximately 15 minutes.

DESCRIPTION

Regents Court is a purpose built block of

self-contained flats forming an L-shaped

development. The building is brick built with

partial rendering over ground and two upper

floors under a pitched tiled roof. There are four

main entrances providing access to 20 flats (17

x two beds, 3 x three beds).

Internally, the flats are in tenantable order with

fitted kitchens, gas hobs and white bathroom

suites. The flats inspected were of a good

proportion with spacious rooms. The building

benefits from gas central heating with separate

boilers and individual meters. All windows are

UPVC double glazed. There are no lifts within

the building.

Externally, there is car parking to the rear of the

development with an additional car port. There

are landscaped gardens to the side elevation.

NOTE: - Published for the purposes of identification only and although believed to be correct accuracy is

not guaranteed

4Project Carp

CARLISLE

THE PICTURE HOUSE,KING STREET,CARLISLE, CA1 1SR


Tenure Freehold



ERV £229,260 pa

Yield 7.77% (ERV)



LOCATION

The Picture House is located in Carlisle

City Centre in the North West of England.

The city is located 90 km (56 miles) west of

Newcastle upon Tyne, 114 km (71 miles) north

of Lancaster and 150 km (93 miles) south of

Edinburgh. Carlisle is conveniently situated just

off the M6 motorway providing a north-south

link servicing the West of England. Carlisle

railway station is situated on the West Coast

Main Line, journey times via direct trains to

London is 3.5 hours. The nearest airport is

Newcastle Airport approximately 89 km (55

miles) from the city.

The property is located just off the A6

Botchergate which runs through the City

Centre and is 0.6 km (0.4 mile) from the The

Lanes Shopping Centre. Carlisle offers a wide

selection of retail and amenities and the train

station is a 5 minute walk from the subject.

DESCRIPTION

The Picture House comprises a purpose built

detached block of self-contained flats. The

building is of brick construction under a pitched

roof. The property consists of 40 two bedroom

flats with accommodation over ground, first and

3 upper floors.

Internally, the building is divided into two main

cores with respective entrances and lifts to

all floors. All upper floor flats benefit from

balconies. The flats are in tenantable order with

fitted kitchens and white bathroom suites. All

master bedrooms benefit from en-suite shower-

rooms. The flats benefit from UPVC double

glazed windows. The flats use individual electric

heaters and individual boilers.

There is a secure car park with one allocated

space per flat. We understand that there are

several flats benefitting from two allocated

spaces.


not guaranteed

5Project Carp

STOCKTON

OLD PICTURE HOUSE COURT,NORTON AVENUE,STOCKTON, TS20 2JD


Tenure Freehold



ERV £167,160 pa

Yield 8.36% (ERV)

One flat sold subject to a long lease


LOCATION

Stockton on Tees is a market town in County

Durham, North East England. The town is 59

km (37 miles) south of Newcastle upon Tyne,

19 km (12 miles) west of Darlington and 106

km (66 miles) north of Leeds. The town has a

population of 105,682 (2011 Census). Stockton

is located at the junction of the A19 providing

north-south access while the A66 provides

east-west access. The A66 connects Stockton

to both Middlesbrough and Darlington. The

A1 Motorway linking London to Scotland is

approximately 16 km (10 miles) west of the

town. Stockton has a good bus service and

the Stockton train station provides access to

London in 3 hours 55 minutes.

The town centre has undergone a £38 million

redevelopment to enhance public spaces and

accessibility. The centre offers a variety of

high street retailers, independent shops and

services.

Old Picture House is situated in an area known

as Norton, to the north east of the town centre,

within approximately 2.25 km (1.4 mile) of the

train station. This is a predominantly residential

location, although a number of local shops and

amenities are available on nearby Norton Road.

DESCRIPTION

The subject comprises two purpose built

detached blocks of self-contained flats. Both

buildings are brick built under pitched tiled

roofs. The property consists of 29 two bedroom

flats with accommodation over ground, first and

second floors.

Internally, the flats are in tenantable condition

with modern kitchens and white bathroom

suites. Flats benefit from underfloor heating and

UPVC double glazed windows.

The subject property benefits from off street

parking. We understand spaces are allocated,

with additional visitors parking.


not guaranteed

6Project Carp

SUNDERLAND

ROKERLEA,GLADSTONE STREET,SUNDERLAND, SR6 0HJ


Tenure Freehold



ERV £209,766 pa

Yield 7.77% (ERV)



LOCATION

Sunderland is a coastal city in the North East

of England, 16 km (10 miles) south-east of

Newcastle upon Tyne and 19 km (12 miles)

north-east of Durham. The city has a population

of 174,286 (2011 Census). Sunderland has

good transport links with the extension of the

Tyne and Wear Metro providing direct access

to Newcastle City Centre within 30 minutes

and Newcastle Airport within 55 minutes.

In addition, Sunderland is linked by rail to

Manchester Piccadilly, Leeds, York, Darlington,

Durham and Liverpool Lime Street. Virgin Trains

East Coast have also launched a direct service

to London Kings Cross with a journey time of

approximately 3 hours 40 minutes.

Sunderland City Centre has undergone

extensive regeneration with £2m invested on

improvements to the High Street and Bridge

Street. A further £3m masterplan has also been

scheduled for completion in 2018 to develop

the Minster Quarter. The city offers a large

variety of retailers, restaurants and facilities.

Nearby Newcastle City Centre provides further

retail and amenity options.

Rokerlea is situated to the north east of the

City Centre on the edge of an area called

Roker, The Stadium of Light Metro station

being the closest, providing good links to the

surrounding areas. Roker is a residential suburb

of Sunderland. Within a ten minute walk of the

subject there are numerous local shops and

amenities, including a Tesco Extra, Pure Gym,

McDonalds and the Stadium of Light Metro

station.

DESCRIPTION

The subject comprises two purpose built

detached blocks of self-contained flats. Nine of

the flats are accessed directly from Gladstone

Street. The remaining flats are accessed from

the internal courtyard. Both buildings are brick

built under a pitched tiled roof. Internally the

property consists of 35 flats (4 x one beds, 31

x two beds) with accommodation over ground,

first and second floors in the main, with part

over ground and first floors only.

Internally, the flats are in tenantable condition

with modern kitchens and fitted white bathroom

suites. The flats are well proportioned with

good sized bedrooms and living areas. The flats

benefit from gas central heating and double

glazed UPVC windows throughout.

There is unallocated car parking available

between the two detached buildings.


not guaranteed

7Project Carp

LIVERPOOL

56 & 58 CROXTETH ROAD,LIVERPOOL, L8 3SQ


Tenure Freehold



ERV £90,480 pa

Yield 8.62% (ERV)



LOCATION

Situated in the north west of England, Liverpool

had an estimated population of 478,580 (2011

Census). The city is well connected via the

M62 and M6 Motorways, an extensive local

and national rail network and the John Lennon

International Airport.

The City Centres of Manchester and

Birmingham, which are readily accessible via

road, are located approximately 56 km (35

miles) to the east and 160 km (100 miles) to the

south of Liverpool respectively. There are hourly

train services available from Liverpool Lime

Street Train Station to London Euston. Journey

time is 2 hours 30 minutes.

56 & 58 Croxteth road is located 4.8 km

(3 miles) from Liverpool City Centre. The

immediate area is residential benefiting from

close proximity of both Princes Park and

Sefton Park. There is a regular bus service

into Liverpool City Centre with journey times

approximately 17 minutes.

DESCRIPTION

56 Croxteth Road comprises a brick built semi-

detached property, converted to provide 7

self-contained flats, over basement, ground and

three upper floors (including eaves). There is

approximately 10 unmarked car parking spaces

to the front and rear of the property.

There are 3 x one bed flats varying in size

between 635 and 732 sqft and 4 x two bed

flats varying in size between 657 and 904 sqft.

The property has single and double glazed

timber framed windows throughout.

58 Croxteth Road comprises a brick built

semidetached property, converted to provide

7 self-contained flats, over basement, ground

and three upper floors (including eaves). There

is unmarked parking to the front of the property

for approximately 3 cars.

All 7 flats have two bedrooms, varying in size

between 646 and 1,335 sqft. The property

has single and double glazed wood framed

windows throughout.


not guaranteed

8Project Carp

LIVERPOOL

14, 16 & 18 ALEXANDRA TERRACE,PRINCES ROAD,LIVERPOOL, L8 1TH


Tenure Freehold



ERV £129,480 pa

Yield 8.93% (ERV)



LOCATION

Situated in the north west of England, Liverpool

had an estimated population of 478,580 (2011

Census). The city is well connected via the

M62 and M6 Motorways, an extensive local

and national rail network and the John Lennon

International Airport.

The City Centres of Manchester and

Birmingham, which are readily accessible via

road, are located approximately 56 km (35

miles) to the east and 160 km (100 miles) to the

south of Liverpool respectively. There are hourly

train services available from Liverpool Lime

Street Train Station to London Euston. Journey

time is 2 hours 30 minutes.

Alexandra Terrace is located on Princes Road,

3.5 km (2.2 miles) from Liverpool City Centre.

The immediate area is residential and Princes

Road acts as a main thoroughfare into Liverpool

City Centre, through the Georgian Quarter.

There is a regular bus service into Liverpool City

Centre

with journey times approximately 13 minutes.

DESCRIPTION

14, 16 & 18 Alexandra Terrace, Princes Road

comprises three mid-terraced properties,

converted to provide 23 self-contained flats,

over basement, ground and three upper floors

(including eaves). There are approximately 5

parking spaces to the front of the property and

gated parking for approximately 8 cars to the

rear.

This development is accessed via one main

door. The property consists of 1 x studio (366

sqft), 15 x one bed flats (431 – 657 sqft), 6 x

two bed flats (570 – 840 sqft) and 1 x three bed

(725 sqft). The property has single and double

glazed timber framed windows throughout.


not guaranteed

Regents Court, Durham The Picture House, Carlise

Old Picture House Court, Stockton Rokerlea, Sunderland

56 & 58 Croxteth Road, Liverpool 14, 16 & 18 Alexandra Terrace, Liverpool

ENERGY PERFORMANCE CERTIFICATES

Please refer to the dataroom for EPC ratings.

ADDITIONAL INFORMATION

Please refer to the dedicated website in order to view/ download all available information:www.projectcarp.com.

METHOD OF SALE

The portfolio is for sale by way of Private Treaty, however we reserve the right to conclude the marketing by an Informal Tender process.

VIEWING INFORMATION

The portfolio will be subject to block viewing arrangements only and will not be available for viewing internally outside of these times.

Please contact the office to register your interest.

Anthony Hart0113 243 [email protected]

Jack Robson0113 243 [email protected]

Vicky Bingham0113 236 [email protected]

Misrepresentation: 1. Allsop LLP and Mark Jenkinson & Son on their own behalf and on behalf of the vendor/lessor of this property whose agents Allsop LLP and Mark Jenkinson & Son are, give 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 representative of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP and Mark Jenkinson & Son nor any of their members or any person in their 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 neighboring 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.

CONTACTS

For further information or to make viewing arrangements please contact:

Leeds:

James Wilson0113 236 [email protected]

London:

Tim Theakston020 7344 [email protected]

THE OPPORTUNITY

The Portfolio provides the opportunity to acquire a stabilised residential portfolio in areas with high tenant demand. The quoting price reflects an average discount of 15%, a low capital value per sqft of £105 and a potential Gross Yield of 8%.

http://www.projectcarp.com

http://[email protected]



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project carp - allsop · and leeds. local shops and amenities are ... externally, there is car...

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