Opportunity to acquire a prime 174-bed purpose- built student accommodation block and 4,300 sq ft ground floor Italian café and delicatessen. The student accommodation is let to Places for People Living+ Limited until 11th September 2035, providing over 10 years until expiry, with a tenant break option on 12th September 2029, providing a term certain of 4.5 years. The student accommodation passing rent is £1,142,914 pa, reflecting only £6,570 per room. The rent is reviewed annually to RPI subject to a collar of 1% and cap of 4%. The next review is 12th September 2025. The ground floor café and delicatessen is let to C&J Glasgow Limited (T/a Celino’s) until 17th November 2036, providing over 11.5 years to expiry, with a tenant break option on 18th November 2026 and 2031. The café and delicatessen passing rent is £65,000 pa, equivalent to only £15 per sq ft, and an RPI-linked
Informations complémentaires
Processus de vente
Offers are invited in excess of £18,500,000 subject to contract and exclusive of VAT.
A purchase at this level would reflect a blended Net Initial Yield of 6.12%, reflecting Purchasers’ Costs of 6.74%. This equates to a capital value per bed of £100,800 for the PBSA and £202 psf for the café and delicatessen.
Décrivez l'utilisation
student accommodation and retail
Vue d'ensemble des locataires
Places for People Living+ Limited (Derwent Housing Association Ltd), C & J Glasgow Limited (T/a Celino's)
Autres informations pertinentes
The ground floor restaurant unit is leased to a local Italian café and delicatessen business, totalling 4,300 sq ft (GIA) and is currently fit out to provide 130 covers.
