Commercial property
Sold Prime Student Accommodation Investment Opportunity - St Catherine's Yard, Surrey Street, Norwich

Summary

• Rare opportunity to purchase a landmark purpose-built student accommodation scheme in Norwich city centre
• 307 beds made up of 266 en-suite clusters and 41 studios
• A focus on the core principles of amenity space, student experience and operational efficiency
• Norwich is home to the University of East Anglia, Norwich University of the Arts and is the core business centre for Norfolk and East Anglia
• Approximately 68% (10,938) of full time students in Norwich are unable to access PBSA
• Freehold
• Construction due to commence Q1 2018
• Practical Completion scheduled for Q3 2019
• Total GIA of 8,433 sq m (90,773 sq ft)
• Projected gross income of £2,427,425pa
• Projected net operating income of £1,810,927pa assuming 98% occupancy and projected management costs of £1,850 per bed
• Offers are invited for our client’s freehold interest in excess of £29,650,000 subject to contract and exclusive of VAT, reflecting a net initial yield of 6.00% on a forward funding basis, assuming purchaser’s costs of 1.8%