30-32 GRANBY STREET I LE1 1DE

Student accommodation

FREEHOLD INVESTMENT 02 30-32 GRANBY STREET I LEICESTER I LE1 1DE

Investment Summary

• Leicester is host to two major Higher Education Institutions, the and De Montfort University. • Developed for the 2018/19 academic year, the scheme comprises 35 student bedrooms over 27 units. • Located in the southern end of Leicester’s shopping district, approximately 0.5 mile (7 minutes’ walk) from both De Montfort University and Leicester University. • Fully let for the 2019/2020 academic year as of 6th May 2019 • Currently producing a gross rental income of £226,080 per annum on 12 month tenancies starting on 1st July 2019. • The net income is estimated at £157,411 per annum after deducting the industry standard 3% for defaults and £1,768 per bed estimated running costs for a full managed service.

We are instructed to seek offers in excess of £2,350,000 reflecting aNet Initial Yield of 6.52% assuming purchaser’s costs of 2.80%. 03 30-32 GRANBY STREET I LEICESTER I LE1 1DE J29 A614

A6 J28

J27 A17 A515 A52 A46 A38 A1 ASHBOURNE J26 A50 NOTTINGHAM A52 30-32 GRANBY STREET I LEICESTER I LE1 1DE DERBY J25 A52 A453 04 A518 A50 J24 A15 A515 A607 BURTON J23a UPON TRENT LOUGHBOROUGH A513 A42 A38 A6 A46 M6 M1 A1 Location

LICHFIELD A606 Leicester is the most populous municipality in the East Midlands with M6TOLL STAMFORD M54 M42 LEICESTER an estimated population of 348,300 and is the administrative capital A444 A47 J21 of Leicestershire. WALSALL A6 NUNEATON M69 MARKET PETERBOROUGH M6 HARBOROUGH

A5 BIRMINGHAM M5 The city benefits from M42 M6 COVENTRY J19 A14 KETTERING excellent communications being East Midlands airport is RUGBY adjacent to the M1 motorway located approximately 19 miles (Junction 21 & 21a), which in (30.6 km) north-west of the city HAYMARKET turn provides access to the providing frequent domestic FROG ISLAND SHOPPING CENTRE ST GEORGES RETAIL PARK CINEMA DE LUX INNER RING M69, M6 and M42 motorways. and international flights. ROAD HUMBERSTONE GATE

LEICESTER HALFORD ST MARKET P A594 A47 P TOWN HALL 30-32 SQUARE Both the University of Leicester INNER RING GRANBY ST SPINNEY A5460 The city is also home to the and De Montfort University are ROAD BELVOIR STREET HILLS CHARLES ST famous Leicester City Football located approximately 0.5 mile (7 P Club and a rich cultural offer. minutes’ walk) from the property. LEICESTER P P A594 RAILWAY STATION A594 LEICESTER CROWN COURT TO M1 J21 / M69 BIRMINGHAM P

REGENT ROAD LONDON RD

A594 A6 Leicester railway station providing a fastest journey time of approximately LEICESTER ROYAL 1 hour and six minutes to London St. Pancras as well as frequent, direct rail INFIRMARY STONEYGATE services to Birmingham, Sheffield and Nottingham. It is located approximately 0.4 miles to the north west of the property. It serves WELFORD ROAD UPPERTON ROAD DE MONTFORT TO MARKET Nottingham and Sheffield to the North and London to the South. The fastest HALL TIGERS WAY HARBOROUGH journey time to London St Pancras International is just 1 hour 6 minutes. WALNUT STREET VICTORIA PARK 05 30-32 GRANBY STREET I LEICESTER I LE1 1DE

Description

The building encompasses an original period frontage with an L-shaped extension to the rear, believed to have been constructed during the 1960’s. The property was completely redeveloped in 2018 to comprise 27 residential units over 4 upper floors, classified as follows :

No of No of Type units beds Size (sq ft) Studio 16 16 276-304 Studio Plus 1 1 310 1 Bed 1 1 361 1 Bed Duplex 3 3 378-400 1 Bed Duplex Plus 1 1 379 2 Beds 2 4 621-651 3 Beds 3 9 757-828 Total 27 35 10,532

Other facilities on site include: Secure Bicycle CCTV WIFI Storage

Internally, the rooms are finished to a high standard being appointed with kitchens including washing machines, en-suite shower rooms, double beds and kitchen furniture. Heating is by way of wall mounted electric radiators. The scheme is currently operated by Westmanor Student Living who currently undertake the lettings together with some management responsibilities. 06 30-32 GRANBY STREET I LEICESTER I LE1 1DE 07 30-32 GRANBY STREET I LEICESTER I LE1 1DE

Rental budget for 2019/20 University of Leicester De Montfort University starting 1st July

Rent per No of Weeks at Weeks at Category week Annual rent The University of Leicester is given an overall ranking De Montfort University is given an overall ranking beds full rate half rate (full rate) of 34th in the Times Good University Guide 2019 of 67th in the Times Good University Guide 2019 (published February 2018), lower than its ranking of (published February 2018), maintaining its ranking Studio 16 £145 44 8 £111,360 25th in 2018. For every place there are 7.1 applications. from last year. For every place there are 5 applications. Overall student satisfaction is rated at 79.1%. Overall student satisfaction is rated at 81.6%. Studio Plus 1 £150 44 8 £7,200

1 Bed 1 £152 44 8 £7,296

1 Bed Duplex 3 £152 44 8 £21,888

1 Bed Duplex Plus 1 £162 44 8 £7,776

2 Beds 4 £125 44 8 £24,000

3 Beds 9 £120 44 8 £46,560

Total 35 £226,080

Anticipated Running Costs

Westmanor Student Living have prepared an operating budget assuming a full managed service is provided at £61,887 per annum reflecting £1,768 per bed. A copy of this budget can be provided on request. 08 30-32 GRANBY STREET I LEICESTER I LE1 1DE

A6

A50

Site A594 A594 A607 BELGRAVE GATE The site extends to approximately 0.138 acres. HIGHCROSS LEICESTER FROG ISLAND SHOPPING CENTRE HUMBERSTONE GATE ST GEORGES RETAIL PARK HAYMARKET SHOPPING CENTRE

30-32 GRANBY STREET INNER RING ROAD LEICESTER HALFORD ST 1 MARKET A47 51 TOWN HALL 35 39 SQUARE 33 53 GRANBY ST SPINNEY A5460 2 INNER RING 49 ROAD 47 HILLS 30 32 43 CHARLES ST 27 3 48 50 RAILWAY 37 STATION WESTCOTES 25 BELVOIR STREET TO M1 J21 / 19 M69 BIRMINGHAM 31 LEICESTER 14 17 42 18 CROWN COURT 12 44 10 4 26 13 16 LONDON RD 40 41 A594 20 46 Student Accommodation in Leicester 5 6 15 29 A6 28 REGENT ROAD 55 34 7 45 38 1 Hello Student (Applegate Place) 20 Student Roost/Sulets (Regents Court) 37 Host (The Glassworks) 9 54 STONEYGATE 2 Liberty Living (Liberty Court) 21 Student Roost/Sulets (Upperton Road) 38 Hello Student (136 & 134 New Walk) 3 IQ (Grosvenor House) 22 Student Roost/Sulets (The Summit) 39 CRM Students (Lumis) A594 36 4 Code (Western Road) 23 Sovereign (Walnut Street) 40 Sterling Lettings (Chevron Court) LEICESTER ROYAL 52 5 Hello Student (Bede Park) 24 Unite (Filbert Village) 41 Sterling Lettings (Kingfisher Court) 11 22 INFIRMARY TO MARKET 6 Homes for Students (Ben Russell) 25 Oxford Court Student Village 42 Campbell Property/Hello Student TIGERS WAY HARBOROUGH 7 Student Roost/Sulets (Oxford Court) (The Shoe & Boot Factory) 21 WALNUT STREET (Eastern Boulevard) 26 Westmanor (Athena Apartments) 43 Westmanor (The Student Hideout) 8 8 Liberty Living (Liberty Park) 27 Student Roost/Sulets (Newarke Street) 44 Westmanor (Abode) UPPERTON ROAD 9 Centrick (The Zip) 28 Knightstone Properties (Deacon House) 45 Westmanor (Zone 8-10 West Walk) VICTORIA PARK 10 Sterling Lettings (Gosling Court) 29 Student Facility Management 46 Student Facility Management 23 11 Westmanor (Westdale Court) (Primus Place) (Edge Apartments) AYLESTONE WELFORD ROAD 12 Westmanor (Oxford House) 30 Mezzino/Westmanor Student Living 47 Westmanor (Millstone Place) DE MONTFORT HALL 13 Westmanor/Evans Students (Millstone House) 48 Homes for Students (The Wool Factory) 24 (Oxford Grange) 31 CRM Students (York House) 49 Westmanor (Chancery House) 14 Unite Students (Newarke Point) 32 Mezzino (Pennine House) 50 Westmanor (Dover Street & York Street) 15 Student Roost/Sulets (Queens Court) 33 Westmanor (The Old Post Office 51 Westmanor (Granby House) 16 Unite Students (The Grange) /O.P.O. Annex) 52 Westmanor (Student Beehive) A426 17 Urban Student Life (Albion Court) 34 Westmanor (101 Princess Road East) 53 Westmanor (Charlesworth House) VICTORIA PARK ROAD 18 Unite Students (St Martin’s House) 35 Westmanor (Nelson Court) 54 Sulets (Oval Living) A5199 19 Westmanor (Lillie House) 36 Hello Student (Upper New Walk) 55 Hello Student (73 Princess Road East) AYLESTONE ROAD 09 30-32 GRANBY STREET I LEICESTER I LE1 1DE

Tenure Contact

Flying Freehold or Virtual Freehold. Jonathan Devaney 0121 233 6490 [email protected] EPC Knight Frank LLP, 1 Colmore Row Birmingham, B3 2BJ Ranging between D55 - C79. Josh Wooley A full list of domestic ratings is 020 7861 5152 available on www.epcregister.com [email protected] Knight Frank LLP, 55 Baker Street Proposal London, W1U 8ED

We are instructed to seek offers in excess of £2,350,000 reflecting a Net Initial Yield of 6.52% assuming purchaser’s costs of 2.80%. KnightFrank.co.uk

Important Notice: 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition, its value or its ownership structure. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: Any guide prices quoted or discussed are exclusive of VAT. The VAT position relating to the property may change without notice. 5. Knight Frank LLP is not authorised by the Financial Conduct Authority to undertake Regulated Activities, other than insurance mediation, and generally acts as agent in respect of real estate property interests only. This communication is exempt from the restriction in Section 21 of the Financial Services and Markets Act 2000, on the communication of invitations or inducements to engage in investment activity by unauthorised persons, on the basis that it meets the conditions for exemption relating to such activities carried on in connection with the sale of a body corporate as set out in Article 62 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and the similar exemption relating to all Regulated Activities in Article 70 of The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. In all instances you should seek your own independent advice in relation to the sale or purchase of shares and on any corporate structure. Knight Frank LLP is not responsible for any information or opinions provided in respect of any such sale or purchase. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. July 2019. carve-design.co.uk 14249