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Apollo House, Butts, Coventry, West Midlands, CV1

Removed £7,300,000
38,558 sq. ft.

Property Description

Commercial information

  • 38,558 sq ft (3,582 sq m)

Key features

  • Student accommodation operational opportunity in the popular Queens Road area of Coventry, utilised by both Coventry and Warwick University students
  • Converted former office building and purpose built annexe in close proximity, arranged over 4 and 3 floors respectively, operating with full occupancy for over 10 years
  • Apollo House provides investors with an opportunity to acquire well established direct let student scheme, with a mixture of under and post graduates in a city centre location
  • Coventry University still undersupplied in regard to purpose built student accommodation in the city centre
  • Rental rates of 110 and 120 per week on standard and deluxe rooms, based on 42 weeks for under graduates and 50 weeks for post graduates allow significant room for improvement
  • Gross Income 2017/ 2018 of 809,680, with an EBITDA 2017/2018 of 563,180
  • Current Facilities Management cost equates to 1,531 per bed, representing 30.44% of Turnover.
  • Clean freehold titles on both properties, potential to purchase the offshore company holding the assets based in the Bahamas if beneficial
  • Apollo House offers potential development opportunities for the addition of 2 extra floors, alteration of internal layout to en-suite accommodation or change of use to Residential / PRS, subject to pl
  • SEEKING OFFERS IN EXCESS OF 7,300,000, REFLECTING A NET INITIAL YIELD OF 7.5%

Full description

Tenure: Freehold

Coventry is a city and metropolitan borough in the West Midlands and the 10th largest city in England and 12th in the UK, with a population at latest estimate of 337,500, the fastest growing city outside Greater London. The local economy is home to some of the world's leading companies such as Jaguar Land Rover, Aston Martin, Rolls Royce, Tata Group, London Taxis, Severn Trent and EON. However it is the Universities that are increasingly taking centre stage, with Coventry being the only city in the country having two Universities listed inside the top 15 of the Guardian league tables for 2017/2018. With a total in excess of 54,000 students.
In terms of purpose built student accommodation, the city has seen an explosion of development recently to meet the substantial under supply in the market, as well as a desire by the local council to see students moving from the historic HMO based offerings. Following a recent study conducted on the city's student accommodation, it highlighted a still unmet demand of around 3,500 student beds, taking into consideration all constructed and consented schemes.


More information from this agent

Energy Performance Certificates (EPCs)

Listing History

Added on Rightmove:
15 November 2017

Map & Street View

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