Sansome Hall, 1 Sansome Walk, Worcester, Worcestershire, WR1 1LH
Freehold city centre student investment opportunity currently producing an annual rental income of £451,200 (with potential to increase to £497,400 per annum).
Features
- The property is prominently located in the town centre on Sansome Walk at its junction with Sansome Place in the town centre’s core retail pitch.
- The property comprises 83 spacious en-suite bed spaces, a 1-bedroom ex warden flat and shared open plan kitchen and dining areas in a single building across five floors.
- The property is now fully managed by Black Pear Lettings who directly let rooms on 6–12-month residential ASTs.
- The property is currently 89% occupied with a total contracted gross rent of £37,600 per calendar month (£451,200 per annum).
- Asset management potential which includes increasing the income (current ERV of £497,400 per annum), repurposing/refurbishing the building and exploring alternative uses.
- Freehold city centre student investment opportunity.
Description
Sansome Hall was built in 2008 and comprises 83 en-suite bed spaces and a 1 bedroom flat arranged in a single building over five floors. The property has lift access to all floors. The Vendor has recently spent approximately £75,000 on improvements and maintenance across the building over the past 6 months. All rooms are en-suite and each cluster flat contains between six and ten bedrooms with an open plan communal kitchen and dining area. Internally, the property provides fully equipped spacious shared kitchens, bedrooms including en-suite shower rooms, a single bed, desk and wardrobe. The property also benefits from an on-site laundry room, secure bicycle storage area, Wi-Fi internet connection and intercom entry system.
Location
Sansome Hall occupies a town centre location and prominent position on the A38. Sansome Walk. The property is situated on the north eastern corner of the city centre’s retail core which is adjacent to Foregate Street Station. The pedestrianised High Street is just a 5 minute walk away where national retailers such as Marks & Spencer, Boots, TK Maxx, River Island, Tesco Express, WHSmith, JD Sports, Costa Coffee, Barclays, Lloyds and Primark are represented. The Crown Gate Shopping Centre and Cathedral Square are both located a 4 minute walk away from Sansome Hall which hosts national retail and leisure operators. Sansome Hall is centrally located for the student population in Worcester. The University of Worcester’s City Campus is located just 0.25 miles to the west of the property. Sansome Hall is also located just 1.4 miles from the St John’s Campus.Tenure
The property is held freehold.Title number: WR66263
Tenancy
The property is fully managed by Black Pear Lettings. The ensuite bedrooms are directly let on Assured Shorthold Tenancies and each cluster flat benefits from an HMO License. The property is currently 89% occupied with a total contracted gross rent of £37,600 per calendar month (£451,200 per annum). The Management Agreement, Tenancy Schedule and HMO Licenses are available uponrequest.
Proposal
Offers in excess of £3,000,000 are sought for the freehold interest, subject to contract and exclusive of VAT.A purchase at this level represents a low capital value of £36,145 per bed space.
Planning
Sansome Hall received planning permission on 15 March 2007 for the following:C1 consent ‘Demolition of existing building to allow for erection of a block of 89no student bedsits with communal kitchen and dining areas (Class C1). (Ref: P06D0750).’
The property is not listed and is not located in a Conservation Area.
