75-77 Cornwall Street, Plymouth, Devon, PL1 1NS
£847.22 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
2,821 sq ft
262 sq m
- SECTOR
Commercial property for sale
Key features
- Mixed student and retail investment
- Plymouth City Centre
- Student element let for 1 year
- Good quality student accommodation
- Close to Plymouth University
- Plymouth University is growing and therefore demand for student accommodation
- Reversionary potential in 1 years time to let the individual rooms separately
- Net income = Year 1 - £172,525 pa. Year 2 - £182,525 pa
- Gross yield 7.22% assuming purchasers costs of 6.36%. Increasing to 7.64% in the second year.
Description
The upper 3 floors provide purpose-built student accommodation, which was constructed circa 2018. Each floor has 3 clusters, each with their own kitchen/lounge area. The bedrooms all benefit from a single or double bed, en suite bathroom, wardrobe, built-in storage, desk and chair. There are 12 bedrooms on each floor, so 36 rooms in total.
Student Market:
There are around 23,000 students in the city of Plymouth, which is now home to three universities with Arts University Plymouth, formally Plymouth College of Art gaining its university status in 2022.
The majority of these students study at Plymouth University, which has an additional 7,500 students studying for a Plymouth degree at partner institutions in the UK and around the world.
Plymouth University is one of the leading universities in the UK and has been voted in the Top 5 in the 2022 Times Higher Education Young University Rankings, along with a number of other achievements. Further information -
Marjon University ranked as the top university in England for student satisfaction in the Complete University Guide 2021. They provide programmes that involve work placements of some sort. Further information -
Arts University Plymouth has been voted as the top arts university in the UK for overall student satisfaction in the National Student Survey (NSS). Further information -
Location
The property is located in Plymouth City Centre on Cornwall Street, towards the west side of Armada Way. There are a wealth of facilities available for students and the University is only a 6-minute walk away.
Accommodation
All areas are approximate and measured in accordance with the RICS Property Measurement (2nd Edition) on a net internal basis. The student rooms have not been measured, but plans are available upon request.
Shop - 262.1 sq m (2,821 sq ft)
Rent / Price
£2,390,000
Business Rates
Interested parties are advised to confirm the rating liability with Plymouth City Council.
Services
We understand that mains electricity, gas, water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries.
EPC
Awaited.
Legal Fees
Each party to be responsible for their own legal fees in relation to this transaction.
VAT
All figures quoted are exclusive of VAT if applicable.
Brochures
75-77 Cornwall Street, Plymouth, Devon, PL1 1NS
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Plymouth Station0.4 miles
- Devonport Station1.2 miles
- Dockyard Station1.6 miles
About Vickery Holman, Plymouth
3 Longbridge Road Plymouth PL6 8LT
Vickery Holman is a multi-disciplined property company, the roots of which can be traced back as far as 1848. Today, the consultancy has more than 60 people working in four offices, strategically placed across the South West. Vickery Holman is a limited company, owned by its employees, and is a member of the RICS (Royal Institution of Chartered Surveyors).
Our consultants offer a full spectrum of skills in all areas of property, from all aspects of general practice and building surveyin
Notes
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