133 bedroom apartment for sale34-40 Castle Gate
- 133 bed student development
- centrally located within 300m of Old Market Square
- 750m from NTU
- 100% let for last 3 years
- Rental uplift with asset refurbishment and management efficiencies
- Budgeted management at £1672 per bed per annum
- Net yield of 6%
- capital value of £75,322 per bed
- Nottingham enrols in excess of 55,000 students
- Further Information available upon request
NOTTINGHAM Nottingham is a University City containing two large universities.
The University of Nottingham is a Russell Group University and regularly features in the global top 100. It currently enrols 29,230 full time students and has 3 campuses in Nottingham, as well as a campus in Malaysia. University of Nottingham is most targeted by major UK employers and it won The Times' University of the Year for Graduate Employment in 2016. University Park campus has been named as the most sustainable campus in the world for the last 4 years and last year a £40-million sports complex
opened and the engineering and science library was expanded.
Nottingham Trent University was recently voted Times University of The Year as well as Modern Unviersity of The Year. This is an incredible achievement to beat well established institutional universities for this award. NTU currently enrols 25,410 full time students. Nottingham Trent University has four campuses; city campus, Brackenhurst Campus, Clifton Campus and The Confetti Institute of Creative Technologies. These have benefited from £421 million investment in buildings and equipment over the last decade.
Both universities join to provide a student population in excess of 60,000 students (includign part time numbers) and close to 30% of the Cities total population are aged between 18 and 29.
Nottingham is centrally located around 2 hours north of London, 1 hr 15m north east from Birmingham and 1 hr 45m south east from Manchester. The City has two large hospitals, two large shopping centres owned by Intu, internationally known sporting venues and a vibrant retail and leisure scene. The Victoria Centre Shopping Centre has a catchment population of 1.2m and an annual footfall of 2.4m people.
Nottingham has a city, is regarded as the commercial and cultural hub of the East Midlands. Nottingham has been voted Number 1 for graduate employers. With an economy worth an estimated £12.8 billion, it is served by a substantial diversified workforce, with over 15 million people living within a 50 mile
radius of the centre.
It has world-class research hubs and attracts a number of international corporations with over 50 Regional and National headquarters based in the city. Nottingham is the home to Walgreens Boots Alliance, Experian, E.ON UK, Gala Group, Siemens, Speedo, Vision Express, Games Workshop, Capital One and Paul Smith.
32-44 CASTLE GATE Converted from a former office in 2014, the opportunity offers studios and 4, 5, 6 and 8 bed clusters with a wide range of room sizes. The asset is split into four blocks, the West Wing, East Wing, Centre Unit and Old House. All are accessed from Castle Gate and have a central management office in the East Wing. The asset has benefited from ongoing maintenance and repairs. Detailed floor plans and areas schedule are available on the dataroom.
The accommodation provides the following:
- large double beds
- flat screen TV
- fitted with modern furniture incl. desks and wardrobes
- communal kitchen and dining areas to cluster flats
- there is no general amenity space other than that in the cluster flats
The site is currently 100% let and lettings are going well for the 18-19 academic year with projected gross income £863,250
MANAGEMENT The asset is currently managed by Student Accommodation Nottingham. Upon sale, there is the opportunity to break the management contract. Historic management costs have ranged between £970-£1,085 per bed space on an all-inclusive basis. FHP has prepared an alternative management budget for 2018/19 based on other schemes it manages in Nottingham. This equates to £1,672 per bed space. A copy of the budget is available in the dataroom. Homes for Students have also provided a budget which can be found in the dataroom. More information on Homes for Students can be found at
A full schedule of rents and proposed management budgets can be found in the dataroom. We will update the dataroom with bookings progress for the 2018/19 academic year. Rental growth has been kept flat by the vendors of the asset to keep a balance with the management costs of the asset
PROPOSAL Seeking offers in excess of £10million for the Freehold interest which reflects a net initial yield of 6% based on 2018/19 rents and management costs of £1,672 per bed and purchaser's costs of 2.8% allowing for MDR. This represents a capital value per bed of £75,322. It is assumed that there is potential for value growth through management efficiencies and refurbishment of the asset.
Map & Street View
Street View is unavailable in this location
Disclaimer - Property reference 102431009603. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by FHP Living, Nottingham. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
* Average speeds are based on the download speeds of at least 50% of customers at peak time (8pm to 10pm) from packages available on comparethemarket.com. Speed can be affected by a range of technical and environmental factors. The speed you receive where you live may be lower than that listed above. You can check the estimated speed to your property prior to purchasing. Fibre/cable services at your postcode are subject to availability. You can confirm availability on the provider's website. Providers may increase charges. You should have the right to exit your contract without penalty if this happens. The information is provided and maintained by Decision Technologies Limited.
Map data ©OpenStreetMap contributors.