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

Property > Commercial > Property Sold in Norwich
  • 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%
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