Student Accommodation Investment Opportunity The Fallowfield Portfolio 9 HMOs in Fallowfield and , For Sale Freehold

g 8 Houses in Multiple Occupation (HMOs) in prime Fallowfield g Potential income of £155,295 p.a. for the forthcoming 2017/18 and 1 in Chorlton, Manchester academic year g 39 bedrooms across the Portfolio g Gross Initial Yield on passing rent of approximately 6% and on potential 2017/18 income of 7% g Passing rent of £130,642 p.a. for the 2016/17 academic year

Savills Nottingham Enfield Chambers 18 Low Pavement Nottingham NG1 7DG +44 (0)115 934 8055 savills.co.uk Location There are 5,237 places in university owned or managed accommodation. The applications per place ratio is 6.7 to 1. Other non-EU overseas students Located within the prime student accommodation area of Manchester account for 5.8% of the population and EU students account for 2.7%. approximately four miles to the south of the . The has a campus at Fallowfield. In consequence, The Portfolio the eight properties within the Portfolio located in Fallowfield are let to the The Portfolio comprises nine properties, eight being within Fallowfield and one student sector of the market. being within Chorlton. All properties are of a Victorian vernacular, being a mix There is one property located within Chorlton, also located to the south of the of two and three storey mid and end terraced dwelling houses which have Manchester City Centre, approximately 2½ miles from Fallowfield. Chorlton is been converted to provide between four and five bedroom Houses in Multiple a popular, affluent suburb of Manchester and, in consequence, the Property Occupation (HMOs). is let to the professional sector of the market. Each of the properties has shared bathroom/shower rooms and living / University of Manchester and Manchester kitchens. Metropolitan University Each of the properties has double glazed UPVC windows and gas fired central heating. A programme of reconfiguration and redecoration is most The University of Manchester is ranked 32 in The Times Good University likely to have the result of increasing the income generated. Guide 2017. The University is mid way through a £1 billion ten year plan which it hopes will help to secure a place among the top 25 research We provide a Schedule of Accommodation and Income on the following universities in the world. It is in the top 20 UK universities for research, entry page. standards and graduate prospects. There are 34,565 full time students at the University across both undergraduates and post graduates, with 8,030 Furniture Pack university owned or managed bedrooms. The applications to places ratio is Each of the properties includes soft furnishings to the living room and a fully 7.9 to 1. There are 25% non-EU overseas students and 5.5% EU students. fitted kitchen. Each of the bedrooms has principally double beds, a desk and Manchester Metropolitan University is located between Fallowfield and ancillary bedroom furniture. Manchester City Centre approximately 3 miles to the north of Fallowfield. Services Manchester Metropolitan University has a rank of 72 in The Times Good University Guide 2017. Entry standards are still higher than most post- Mains gas, electricity, water, drainage, and telecommunications are all 1992 universities and it has more than 1,000 courses offered in over 70 connected. Each of the properties has a gas fired combination boiler subjects, more of them professionally accredited than at any other university, providing domestic hot water and central heating to water fed radiators. many involving work placements. It has the second largest number of None of the services has been tested. undergraduates in The Times University Table and added nearly 800 students to its intake in 2015. It has 26,175 full time students including both undergraduates and post graduates. Potential In- Actual Potential Address Postcode Tenant Rent Pcm Start Date End Date Notes EPC come PCM Income PA Income PA 24 Braemar Road M14 6PS 1 £303.33 01/07/2016 30/06/2017 £303.33 £14,559.84 £14,559.84 24 Braemar Road M14 6PS 1 £303.33 01/07/2016 30/06/2017 £303.33 24 Braemar Road M14 6PS 1 £303.33 01/07/2016 30/06/2017 £303.33 24 Braemar Road M14 6PS 1 £303.33 01/07/2016 30/06/2017 £303.33 61 Braemar Road M14 6PR 1 £312.00 01/07/2016 30/06/2017 £312.00 £11,232.00 £14,532.00 E49 61 Braemar Road M14 6PR 1 £312.00 01/07/2016 30/06/2017 £312.00 61 Braemar Road M14 6PR 1 £312.00 01/07/2016 30/06/2017 £312.00 61 Braemar Road M14 6PR Vacant Room £- £275.00 63 Braemar Road M14 6PR 1 £312.00 01/07/2016 30/06/2017 £312.00 £11,232.00 £14,532.00 D64 63 Braemar Road M14 6PR 1 £312.00 01/07/2016 30/06/2017 £312.00 63 Braemar Road M14 6PR 1 £312.00 01/07/2016 30/06/2017 £312.00 63 Braemar Road M14 6PR Vacant Room £- £275.00 57 Furness Road M14 6LX 1 £325.00 01/07/2016 30/06/2017 £325.00 £11,700.00 £15,000.00 E50 57 Furness Road M14 6LX 1 £325.00 01/07/2016 30/06/2017 £325.00 57 Furness Road M14 6LX 1 £325.00 01/07/2016 30/06/2017 £325.00 57 Furness Road M14 6LX Vacant Room £- £275.00 58 Furness Road M14 6LX 1 £320.00 01/07/2016 30/06/2017 Rent Inclusive Of Bills £320.00 £15,360.00 £18,660.00 E52 58 Furness Road M14 6LX 1 £320.00 01/07/2016 30/06/2017 Rent Inclusive Of Bills £320.00 58 Furness Road M14 6LX 1 £320.00 01/07/2016 30/06/2017 Rent Inclusive Of Bills £320.00 58 Furness Road M14 6LX 1 £320.00 01/07/2016 30/06/2017 Rent Inclusive Of Bills £320.00 58 Furness Road M14 6LX Vacant Room £- £275.00 59 Furness Road M14 6LX 1 £346.66 01/07/2016 30/06/2017 £346.66 £16,639.68 £19,939.68 E52 59 Furness Road M14 6LX 1 £346.66 01/07/2016 30/06/2017 £346.66 59 Furness Road M14 6LX 1 £346.66 01/07/2016 30/06/2017 £346.66 59 Furness Road M14 6LX 1 £346.66 01/07/2016 30/06/2017 £346.66 59 Furness Road M14 6LX Vacant Room £- £275.00 68 Furness Road M14 6LX 1 £411.66 01/07/2016 30/06/2017 Rent Inclusive Of Bills £411.66 £19,759.68 £23,059.68 F36 68 Furness Road M14 6LX 1 £411.66 01/07/2016 30/06/2017 Rent Inclusive Of Bills £411.66 68 Furness Road M14 6LX 1 £411.66 01/07/2016 30/06/2017 Rent Inclusive Of Bills £411.66 68 Furness Road M14 6LX 1 £411.66 01/07/2016 30/06/2017 Rent Inclusive Of Bills £411.66 68 Furness Road M14 6LX Vacant Room £- £275.00 98 Platt Lane M14 5NE 1 £325.00 01/07/2016 30/06/2017 £325.00 £15,599.76 £15,599.76 F29 98 Platt Lane M14 5NE 1 £294.66 01/07/2016 30/06/2017 £294.66 98 Platt Lane M14 5NE 1 £346.66 01/07/2016 30/06/2017 £346.66 98 Platt Lane M14 5NE 1 £333.66 01/07/2016 30/06/2017 £333.66 21 Warwick Road M21 0AX 1 £404.43 01/07/2016 30/06/2017 £404.43 £14,559.48 £19,412.64 E53 21 Warwick Road M21 0AX 1 £404.43 01/07/2016 30/06/2017 £404.43 21 Warwick Road M21 0AX 1 £404.43 01/07/2016 30/06/2017 £404.43 21 Warwick Road M21 0AX Vacant Room £- £404.43 Totals 39 £10,886.87 £12,941.30 £130,642.44 £155,295.60

Management Licensing The properties are direct let with a local letting and managing agent. None of the properties is required to have a Mandatory HMO License as none There is the potential to continue this agreement or otherwise. is deemed to be a ‘Large HMO’ i.e. rented to five or more people over at least three stories. Tenure The Local Authority has not issued an Article 4 Direction in respect of Freehold, subject to tenancies. Additional Licensing. Energy Performance Certificates Investment Summary The Energy Performance Rating of each property is detailed within the g Freehold subject to tenancies Schedule of Accommodation above and each of the certificates is available g upon request. Very good historical occupancy record g Passing income of £130,642 p.a. Tenancy Summary g Potential to increase the passing rent through letting the smaller rooms at Each of the properties is let on Assured Shorthold Tenancy (AST) terms. a reduced rent and also reconfiguration and redecoration Each is let for a full 12 month/52 week basis from 1 July 2016 to 30 June 2017. g Potential income for the forthcoming 2017/18 academic year of All tenancies have guarantors. approximately £155,295 p.a. with full occupation Seven of the 39 rooms are currently vacant. These are generally the smaller g Relatively low passing rents of between £75 - £93 per person per week rooms within each of the properties and are denoted by being shaded with a mean average of £78.50 per person per week grey on the Schedule of Accommodation above. There is the potential to g Tenancies are based on full 52 week terms reconfigure the accommodation to increase the size of these rooms or to g Prime location in Fallowfield where the University of Manchester offer them at reduced rents to achieve full occupancy. is based and in close proximity to Manchester The total current rent passing for the 2016/17 academic year is £130,642 Metropolitan University, being only three miles to the north and there is potential income, assuming the accommodation is fully let but g Gross Initial Yield on passing rent of approximately 6% and Gross Initial at the reduced rates for the smaller rooms, of £155,295 for the forthcoming Yield on potential 2017/18 income of approximately 7% 2017/18 academic year. Planning Price Guide of £2,200,000. All properties have established use as HMOs with a documented Multiple Occupancy letting history. We are informed that VAT is not applicable. Manchester Metropolitan

University of Manchester

8 Fallowfield Campus

4 5 9 6 7

1 2 3

1. 24 Braemar Road 4. 57 Furness Road 7. 68 Furness Road 2. 61 Braemar Road 5. 58 Furness Road 8. 98 Platt Lane 3. 63 Braemar Road 6. 59 Furness Road 9. 21 Warwick Road

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

Further Information and Viewing Contacts Further Information is available upon request to include the following: For further information please contact: g Sample tenancy Michael Donaghy Phil Docherty +44 (0) 115 934 8030 +44 (0) 115 934 8056 g Tenancy schedule [email protected] [email protected] g EPCs Berit Rose g Additional photographs +44 (0) 161 244 7791 [email protected] Viewing is strictly by appointment with the sole agents Savills.

Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | February 2017