PURPOSE BUILT CITY CENTRE STUDENT INVESTMENT - NEWCASTLE
Purpose Built Student Accommodation Investment - Built in 2017.
Prime City Centre Location.
Adjacent to the successful 331 bed Vita Student Newcastle development.
Fully let high yielding income off a low average rent of £128 pppw.
46 beds being a mix of 4 and 5 bed apartments as well as studios. 14 flats in total.
Benefitting from a Premier Warranty.
Gross income of £306,210 per annum.
Seeking offers in excess of £3,500,000, providing a gross yield of 8.75% (a low £76,087 per bed).
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.
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.
High quality kitchen fittings including soft 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.
The property benefits from a 10 year Premier Guarantee on the structure for a period of 10 years from 9th November 2017.
The property is fully let for the 2019/20 academic year. Rooms are offered fully furnished with each bedroom including bespoke fitted furniture. Passing rents are considered reversionary, being at a discount to nearby schemes such as Vita Student Newcastle.
( Agency Pilot Software Ref: 2638 )