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Exeter | Devon

Offers in Excess £3,600,000

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Property Details

- Student investment opportunity comprising 29 high-quality studios and ancillary communal facilities.
- Located in the popular student city of Exeter, which has
experienced a 58% growth in its student population since 2014.
- The University of Exeter is currently ranked 13th in The Times Good University Guide 2024, rising by 8 places since last year.
- Fully let since completion in 2017
- The current gross income for the academic year 2022/2023 is £313,318.
- 93% forward let for 2023/2024 with a projected rental income of £355,317

DESCRIPTION

Verney Street Studios is a four-storey student building converted in 2017. The property is primarily brick built with cladding to the upper levels. The cladding is B1 rated. Internally, there are 29 high-quality self-contained studios. The studios range in size from 21 sq m – 31 sq m. They are fitted with ensuites, spacious kitchens with full-size hobs, smart TVs, a large desk, blackout blinds and double beds.

The property also features several communal areas including an internal courtyard, a large communal lounge, and a gym. The property also has a luggage store and a secure bike store which can house up to 22 bikes.

TENUREThe property is held on a long leasehold title. The lease is for 125 years starting from 21st October 2016 with 118 years remaining. There is a peppercorn ground rent and no service charge payable.

The Freeholder is Exeter City Council.
RENTAL INCOMEAcademic Year 2022/2023
The property has achieved 100% occupancy since its completion in 2017. The property is currently fully let and producing a gross income of £313,318.

Academic Year 2023/2024
The rent for 2023/2024 is £355,317 and is currently fully let. The projected gross income for 2023/2024 reflects an attractive gross yield of 9.9%.

Operational Budget
The operational budget for 2021-2022 totalled £73,768 reflecting £2,543 per studio. A full breakdown of the budget can be found on the data-room.
ENERGY PERFORMANCE CERTIFICATESEPCs can be viewed/ downloaded on the dedicated website.
AMLA successful bidder will be requested to provide information to satisfy the AML requirements when Heads of Terms are agreed.
FURTHER INFORMATIONAdditional Information can be found via the following data room:
https://datarooms.allsop.co.uk/register/VerneySt
VIEWING INFORMATIONThe flats will be subject to block viewings and will not be available for viewing internally outside of these times. Please register on the dedicated website to receive notification of the viewing dates.
ASKING PRICEOffers are invited in excess of £3,750,000 reflecting an attractive gross yield of 9.47% based on 2023/2024 income, subject to contract.
SUMMARY

- Student investment opportunity comprising 29 high-quality studios and ancillary communal facilities. - Located in the popular student city of Exeter, which has experienced a 58% growth in its student population since 2014. - The University of Exeter is currently ranked 13th in The Times Good University Guide 2024, rising by 8 places since last year. - Fully let since completion in 2017 - The current gross income for the academic year 2022/2023 is £313,318. - 93% forward let for 2023/2024 ... Read more

- Student investment opportunity comprising 29 high-quality studios and ancillary communal facilities.
- Located in the popular student city of Exeter, which has
experienced a 58% growth in its student population since 2014.
- The University of Exeter is currently ranked 13th in The Times Good University Guide 2024, rising by 8 places since last year.
- Fully let since completion in 2017
- The current gross income for the academic year 2022/2023 is £313,318.
- 93% forward let for 2023/2024 with a projected rental income of £355,317
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