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Agent's details

Moray College UHI, Alba Road

For sale: POA|Other, Other Property Types & Opportunities

Property details

FOR SALEPOA
ADDRESSMoray College UHI, Alba Road, Bishopmill, Elgin, IV30 4JN
TYPEOther, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON9th July 2021

Description

Key Points

  • Excellent opportunity to acquire two purpose-built student accommodation (PBSA) properties on an income strip.
  • Located within the Moray and Highland regions of Scotland – Nairn and Dornoch – the sites offer strong communication links via the nearby A9 and A96 trunk roads.
  • Each property provides 40-beds within cluster flats (38-beds) and studios (2-beds).
  • Let to the University of the Highlands and Islands on 35 year lease terms, expiring in 2052, with no breaks.
  • Total current passing rent of £280,028 following August 2018 RPI uplift.
  • Both leases benefit from annual rent reviews on a RPI linked basis, subject to a collar of 0% and cap of 5%.
  • Attractive running yield profile over the lease term.
  • We are instructed to seek offers in excess of £5,025,000 (exclusive of VAT) for the benefit of the income produced. A purchase at this level would provide an attractive net initial yield of 5.25% following an allowance for purchasers costs of 6.11%..
  • Summary

    Modern purpose built student accommodation.

    Description

    The property comprises purpose built student accommodation of modern construction in excellent condition. Only recently reaching practical completion in 2017 the building has a mixture of timber effect rainscreen cladding and white render finishes, under pitched and slated roof coverings. All windows are double glazed set within aluminium clad timber frames. The unit extends over ground and first floor levels and provides 40-beds (38 x En-suite Cluster Flats & 2 x Studio Apartments) internally each with a bed, bedside table/fitted unit, workstation, study chair, wardrobe, drawers, shelf, mirror and notice board. Each cluster flat benefits from a communal kitchen, lounge and dining room.

    Location

    Elgin is the administrative and commercial centre for Moray. The city lies 66 north-west of Aberdeen and 39 miles north-east of Inverness and benefits from being located on the A96 trunk road which links the cities of Inverness and Aberdeen. The A96 runs from Raigmore Interchange at Inverness to Haudagain Roundabout at Aberdeen, passing through various towns and villages along the route. Transport Scotland plans to upgrade 86 miles of single carriageway along the A96 to dual carriageway by 2030 in order to improve connectivity and deliver economic growth. More specifically, the subject property is located within the Bishopmill district of north Elgin approximately 2 miles north of the city centre.

    Specifications

    Lengthy income strip investment offering circa 34.5 years unexpired term certain. Lease benefits from annual RPI-linked rent reviews with a collar of 0% and cap of 5%.

    Location

    marker
    Location: Moray College UHI, Alba Road, Bishopmill, Elgin, IV30 4JN

    Elgin (1.1 miles)

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