DESCRIPTION Highly prominent fully let student accommodation investment in a prime position in Norwich, within walking and cycling distance to the university of East Anglia and Norwich University of the Arts (NUA) and the City centre.
Consisting of 8 Properties, let for 51 weeks of the year. Enclosed private parking, large cycle shelter, and security lighting.
Gross internal area of 10,176 sq ft (945,38 m2).
Gross income for 2022/2023 will be: £213,840.
Projected income for 2023/2024: £229,800.
Offers in the region of £2,700,000 for the freehold interest. Based on the current projected annual income profile, this would provide a net initial yield of 6.33%, after allowing for the usual purchaser's costs, and reflects a capital value of £265 per sqft of 10,176 GIA.
This property is held in an SPV. Purchase of the company can be arranged.
ACCOMMODATION Harvard Court provides an attractive investment of 8 similar student properties, let for 51 weeks of the year allowing 1 week of handover for the incoming tenants.
They were purpose-built in 2004 and are all of the same configuration internally. The ground floors provide an open plan kitchen/living accommodation, with French doors to the rear gardens and one en-suite bedroom. The first floors provide three bedrooms, two ensuite, one with a private bathroom and the second floor, a large ensuite studio bedroom.
They have been well maintained and actively managed, and are in very good decorative order with laminate, tiled and carpet flooring throughout the communal areas. The bedrooms are carpeted with plastered and emulsion walls, pendant and split lighting and UPVC double glazed windows.
Externally, there is a communal garden to the rear, with de-marked areas for each dwelling, accessed via UPVC double doors in the kitchen/living room. Each property benefits from its own parking space to the rear, bike and bin storage. There is also on-street parking to the front.
Each property is let for 51 weeks forecasted to produce a gross income of £213,840 (2022/23) this produces a projected net income of £181,351 before management charges and external repairs. A detailed tenancy schedule and schedule of expenditure is available on request.
LOCATION Norwich is a major UK city situated approximately 117 miles north of London and 63 miles northeast of Cambridge. Norwich City, according to the census in 2021, has an estimated population of 144,000 which is an increase of 8.7% from 2011. Norwich is regarded as one of the UK's popular tourist destinations.
Access to the city has improved considerably in recent years with the full dualling of the A11. The A11 connects Norwich to Cambridge and the M11 to London. There are regular rail services to London Liverpool Street station with journey times approximately 1 hour 40 minutes.
The city benefits the Norwich International Airport which is also a feeder to KLM's Schiphol hub. There is also a strong holiday offering with regular flights to domestic and European destinations available. Further afield, London Stansted, the UK's third largest airport, is approximately 83 miles southeast.
Harvard Court is close to the University of East Anglia (UEA), Norwich University of the Arts (NUA), Norwich Research Park, the Norfolk & Norwich University Hospital, Norwich International Airport and the KLM Aircraft Engineering Centre. Dereham Road is a highly prominent location, just over a mile from Norwich City centre and typically a 5-minute drive or an 8 minute cycle ride form the UEA.
Based on not being a first time buyer, and a purchase price of £250,000, the stamp duty payable would be:
£2,500
Other costs to consider
Mortgage
Removals
Surveys
Solicitors Fees
This calculator works on the following assumptions: you are purchasing the freehold for the property; you are not purchasing on behalf of a company or trust; you are purchasing for your personal, residential use; you don’t already own another property. If these assumptions are incorrect, or you’d like a more detailed breakdown of stamp duty costs, please see the gov.uk stamp duty calculator.
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