Bishop Grosseteste University, Longdales Road, Lincoln, Lincolnshire, LN1

126 BED 20 YEAR UNIVERSITY LET WITH A PASSING RENT OF £620,000 PAX.

Offers are sought in excess of £9,000,000 (Nine Million Pounds). This reflects an attractive Net Initial Yield of 6.6% after acquisition costs have been allowed for.

OVERVIEW

ON CAMPUS UNIVERSITY LET STUDENT INVESTEMENT SET ACROSS 21 CONTEMPORARY CLUSTER FLATS & 126 EN-SUITE ROOMS. The Property will be subject to a sale and leaseback by Bishop Grosseteste University for a term of 20 years at a passing rent of £620,000 Per Annum effective from the date completion. The Property is being offered FOR SALE by way of informal tender with offers to be submitted by 12 noon on Thursday 4th April 2024.

INVESTMENT SUMMARY

- On-campus student development comprising 126 En-suite rooms across 21 cluster flats with shared communal facilities and break-out areas. - Sale and Leaseback opportunity, let to Bishop Grosseteste University for a term of 20 years. - Located on-campus and is the newest developed by Bishop Grosseteste University. - Passing rent of £620,000 Per Annum effective from the date of completion. - Wickham Hall has a strong retention/occupancy rate of typically 95% - 98%. - The lease will be drafted on Full Repairing and Insuring Terms with 5 yearly RPI linked reviews.- Offers are sought in excess of £9,000,000 (Nine Million Pounds). This reflects an attractive Net Initial Yield of 6.6% after acquisition costs have been allowed for. - The property is being offered For Sale by way of Informal Tender with offers to be submitted by Thursday 4th April 2024 Full details of how to submit any offer are included in the brochure.

DESCRIPTION

The property comprises a detached student development that comprises 126 En-suite rooms across 21 cluster flats extending to a gross internal area of approximately 3491.4 m2 (37,581 ft2). The accommodation is arranged three storeys and is accessed by car and foot off a shared entrance from Bishop Grosseteste University's main campus which is barrier controlled.The building is of modular construction and is the university's newest student block. Access is via 4 communal entrances all having stairs leading to each floor and one having a lift. The property and each cluster benefits from a communal kitchen/ communal area as well as laundry facilities.The property will be sold subject to a new lease being entered into by Bishop Grosseteste University for a term of 20 years at a passing rent of £620,000 PAX on FRI terms with 5 yearly RPI linked rent reviews.Floor plans showing the layout of each floor can be made available to any interested party.

LOCATION

The Property is located in the cathedral city of Lincoln and county town of Lincolnshire only a short walk from the Bailgate and two major Lincoln landmarks; Lincoln Cathedral and Lincoln Castle.The non-metropolitan district of Lincoln had a 2012 population of 94,600. The 2011 census gave the urban area of Lincoln, including North Hykeham and Waddington, a population of 115,000.Lincoln is located around 18 miles north east of Newark-on-Trent on the A1 via the A46, 28 miles South of Scunthorpe via the A15, 37 miles east of Doncaster via the A57 and A1(M) and 37 miles south west of Grimsby via the A46.

TENANT INFORMATION

Bishop Grosseteste University (Company No: 11963500 and Charity No: 1184682) have been educating students in the historic heart of the City of Lincoln for over 150 years and educates over 2,000 students ranging from Foundation Degrees up to PhD level across a wide range of subjects.The university was recently rating 1st in the Whatuni student awards 2023 for student support and Halls and Student Accommodation and 1st in the NSS 2023 awards for Learning Resources.The University is progressive with a new student village planned at Riseholme Road which opens in September 2024 to support their student accommodation offering by 292 beds.Accounts can be supplied to any interested party or can be found on Companies House using the Company Number/Charity Number already provided.

LEASE TERMS

The Property will be subject to a sale and leaseback where the freehold of the building will be sold, subject to Bishop Grosseteste University taking a new lease on the following terms.Bishop Grosseteste University will enter into a new 20 year effective full repairing and insuring lease with 5 yearly RPI linked rent reviews with a 1% and 4% collar and cap at an initial passing rent of £620,000 PAX.The lease will be executed on the day of completion.

TENURE

The freehold of the building will be sold subject to contract via an Informal Tender method of sale. The property is currently held on a single title and the boundaries are to be confirmed at a later date via the solicitors.

METHOD OF SALE

The property is being offered For Sale by way of Informal Tender with offers to be submitted by Thursday 4th April 2024. Offers must be made in line with the tender details enclosed on our brochure and arrive at the offices of Pygott & Crone by post or email, no later than 12 noon on the tender date.Please find attached full details of how offers should be made to the agent.

ENERGY PERFORMANCE CERTIFICATE

An energy performance certificate has been requested and will be made available to any interested party.

VAT

There will be no VAT payable on the agreed selling price.

BEST AND FINAL OFFERS

1. Offers should be submitted to Pygott & Crone's office, whose address is 36a Silver Street, Lincoln, LN2 1EW by 12 noon on Thursday 4th April 2024.2. Offers must be submitted in writing. The offer letter may be emailed or posted.3. Envelopes must be sealed and clearly marked “Offer for Wickham Hall” in the top left hand corner. Envelopes not so marked are liable to be opened with the normal office post before the offer deadline.4. Emailed offers should be sent to Jasper Caudwell at only.5. The offer should be made for a fixed sum in pounds sterling and we suggest that any offer is made for an odd figure to reduce the possibility of identical offers being received. No offers should be made by reference to any other offer, i.e. escalating bids.6. The offeror should confirm that the necessary funds are available to complete on the purchase at the level of their offer.7. Your offer letter must clearly state any matters upon which your offer is cond