For Sale,Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS
For Sale Student Accommodation
Investment Opportunity Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS
• Freehold Student Accommodation Block Investment • 88 Ensuite Bedrooms Within 24 Flats • Modern Purpose Built Student Accommodation Located Less Than 1 Mile from the University of Suffolk and Ipswich Town Centre Lambert Smith Hampton Carlyle House, Carlyle Road, Cambridge CB4 3DN T +44 (0)1223 276336
Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS
Investment Summary • An opportunity to purchase a modern, purpose built student accommodation building located in Ipswich. • Spring Court comprises 88 bedrooms within 24 flats surrounding a central courtyard with a secure, gated car park for 24 cars. All rooms are individually lockable with shared kitchen, dining and bathroom facilities. • Freehold • Current occupancy 98% • Less than 1 mile from the University of Suffolk Campus and Suffolk New College. • Rooms let on a direct basis and managed by Property First (a specialist in student accommodation management) • Located less than one mile from Ipswich town centre with close proximity to bars, clubs, retail and leisure facilities. • Registered with the University of Suffolk's Accredited Accommodations scheme. • Producing a gross income of £364,340 per annum with rents ranging from £70 to £100 per room per week. • Estimated current net income of £255,039 per annum for 2016/2017 • Offers sought in excess of £3,400,000 (Three million four hundred thousand pounds) for the freehold interest, reflecting a net initial yield of 7.04% assuming purchaser's costs of 6.49%
Description Spring Court comprises a modern, purpose built, threestorey detached student accommodation building providing a total gross internal area of 24,316 sq ft (2,259 sq m) with the main frontage along Spring Road but extending in an inverted ‘U’ shape to the rear. The property is of cavity brick/block wall construction rendered in part, beneath a pitched slate and flat roof and the floors are concrete throughout. The purpose built property has been developed to provide 24 flats with 88 bedrooms within. The ground floor flats are accessed off the internal yard whilst first and second floor flats are accessed from external steel walkways from internal stairwells. At ground floor level there is a store room and a drying room for residents. Externally, access is available to the property via Bartholomew Street by means of electrically operated vehicular and pedestrian gates, which lead to a large car park which has space for approximately 24 cars. Additionally there is an enclosed bin area adjacent to the entrance gates. The front garden and the inner courtyard are grassed.
Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS
Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS Location Ipswich, the county town of Suffolk, is situated approximately 45 miles south of Norwich and 50 miles east of Cambridge. Ipswich is situated at the confluence of the A14 and A12 providing access to Cambridge / M11 and London / M25 respectively. Ipswich has a direct rail service to London Liverpool Street with a fastest journey time of approximately 1 hour 10 minutes. Spring Court is located on Spring Road approximately 0.7 miles from Ipswich Town Centre and 0.6 miles from the University of Suffolk. Ipswich Station is approximately 1.4 miles to the West.
Tenure
Freehold
Proposal
Offers sought in excess of £3,400,000 (Three million four hundred thousand pounds) for the freehold interest, reflecting a net initial yield of 7.04% assuming purchaser's costs of 6.49%
EPC Energy Performance Certificates are available upon request.
Income
The gross income is currently £364,340 per annum. The estimated current net income is £255,039. There are 66 Assured Shorthold Tenancies to individual students. 22% of the gross income is secured from 2 companies.
Service Charge
Viewing and Further Information
Viewing strictly by prior appointment with the sole agent:
Nick O'Leary
Mike Wilson
01223 814 256 07725 372 577 [email protected]
01223 814 261 07979 620 650 [email protected]
Lambert Smith Hampton
Lambert Smith Hampton
The property is subject to a service charge recovering a fair proportion of the landlord's cost in maintaining the structure, common parts, and providing services. April 2017 © Lambert Smith Hampton Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
Investment Opportunity Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS
• Freehold Student Accommodation Block Investment • 88 Ensuite Bedrooms Within 24 Flats • Modern Purpose Built Student Accommodation Located Less Than 1 Mile from the University of Suffolk and Ipswich Town Centre Lambert Smith Hampton Carlyle House, Carlyle Road, Cambridge CB4 3DN T +44 (0)1223 276336
Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS
Investment Summary • An opportunity to purchase a modern, purpose built student accommodation building located in Ipswich. • Spring Court comprises 88 bedrooms within 24 flats surrounding a central courtyard with a secure, gated car park for 24 cars. All rooms are individually lockable with shared kitchen, dining and bathroom facilities. • Freehold • Current occupancy 98% • Less than 1 mile from the University of Suffolk Campus and Suffolk New College. • Rooms let on a direct basis and managed by Property First (a specialist in student accommodation management) • Located less than one mile from Ipswich town centre with close proximity to bars, clubs, retail and leisure facilities. • Registered with the University of Suffolk's Accredited Accommodations scheme. • Producing a gross income of £364,340 per annum with rents ranging from £70 to £100 per room per week. • Estimated current net income of £255,039 per annum for 2016/2017 • Offers sought in excess of £3,400,000 (Three million four hundred thousand pounds) for the freehold interest, reflecting a net initial yield of 7.04% assuming purchaser's costs of 6.49%
Description Spring Court comprises a modern, purpose built, threestorey detached student accommodation building providing a total gross internal area of 24,316 sq ft (2,259 sq m) with the main frontage along Spring Road but extending in an inverted ‘U’ shape to the rear. The property is of cavity brick/block wall construction rendered in part, beneath a pitched slate and flat roof and the floors are concrete throughout. The purpose built property has been developed to provide 24 flats with 88 bedrooms within. The ground floor flats are accessed off the internal yard whilst first and second floor flats are accessed from external steel walkways from internal stairwells. At ground floor level there is a store room and a drying room for residents. Externally, access is available to the property via Bartholomew Street by means of electrically operated vehicular and pedestrian gates, which lead to a large car park which has space for approximately 24 cars. Additionally there is an enclosed bin area adjacent to the entrance gates. The front garden and the inner courtyard are grassed.
Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS
Spring Court, Spring Road, Ipswich, Suffolk IP4 2RS Location Ipswich, the county town of Suffolk, is situated approximately 45 miles south of Norwich and 50 miles east of Cambridge. Ipswich is situated at the confluence of the A14 and A12 providing access to Cambridge / M11 and London / M25 respectively. Ipswich has a direct rail service to London Liverpool Street with a fastest journey time of approximately 1 hour 10 minutes. Spring Court is located on Spring Road approximately 0.7 miles from Ipswich Town Centre and 0.6 miles from the University of Suffolk. Ipswich Station is approximately 1.4 miles to the West.
Tenure
Freehold
Proposal
Offers sought in excess of £3,400,000 (Three million four hundred thousand pounds) for the freehold interest, reflecting a net initial yield of 7.04% assuming purchaser's costs of 6.49%
EPC Energy Performance Certificates are available upon request.
Income
The gross income is currently £364,340 per annum. The estimated current net income is £255,039. There are 66 Assured Shorthold Tenancies to individual students. 22% of the gross income is secured from 2 companies.
Service Charge
Viewing and Further Information
Viewing strictly by prior appointment with the sole agent:
Nick O'Leary
Mike Wilson
01223 814 256 07725 372 577 [email protected]
01223 814 261 07979 620 650 [email protected]
Lambert Smith Hampton
Lambert Smith Hampton
The property is subject to a service charge recovering a fair proportion of the landlord's cost in maintaining the structure, common parts, and providing services. April 2017 © Lambert Smith Hampton Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
