THE HUMBER PORTFOLIO THE HUMBER PORTFOLIO 1 THE HUMBER THE HUMBER PORTFOLIO PORTFOLIO Wellesley Avenue Cranbrook Avenue Beresford Avenue Investment Highlights A portfolio comprising mainly freehold terraced student houses, situated close to the University of Hull > The majority of the properties are located under 1 mile of the main > 37 flats (incl. 82 bedrooms), with a total rent passing of £333,825 University of Hull campus on Cottingham Road pa > The portfolio includes 195 student let assets, comprising a mix of > 16 licensed HMO’s comprising 104 bedrooms C3, C4 (HMO) and sui generis uses > 4 commercial units with a current rent passing of £14,316 pa > 70% of the properties are held on 10 principal streets > Excellent opportunity to acquire the existing and well established > Current total residential rent passing of £3,222,747 pa,reflecting management platform an occupancy of 98.4% > Gross residential income of £3,227,282 agreed for the 2016/2017 > 159 houses (incl. 741 bedrooms), with a total rent passing of student year (801 of 823 bedrooms let) £2,888,922 pa 2 3 THE HUMBER THE HUMBER PORTFOLIO PORTFOLIO which total 56,800 sq ft of Grade A Hull’s core retail destination is centred space multi-storey car park, which provides a accommodation, have attracted tenants around Queen Victoria Square, which lies large amount of footfall from people visiting such as PwC, Barclays, The Royal Bank of between the historic Old Town and the the city. The centre also comprises a Vue Scotland, Santander and Siemens. New Town. Surrounding the square are Cinema, 12 lane bowling alley and gym. the main shopping streets, which include ABP (Associated British Ports) are the A retail led development named Quay West Whitefrairgate in the Old Town and King leading provider of port facilities and services is currently under consideration and will Edward Street and Jameson Street in the to shipping and cargo owners via 21 UK extend the existing Prince Quay shopping New Town. House of Fraser, the premium ports. Their Humber operations support centre, transforming the local area and department store, is situated towards the end approximately 23,000 jobs in the area and creating a new ‘retail circuit’ with six new of Jameson Street, which offers a range of contribute £2.2 billion to the UK economy city blocks and a series of new streets and high end fashions concessions such as Ralph each year, and of that figure £1.56 billion is public spaces, linking the area with the St Lauren and Hugo Boss. retained within the region. Stephen’s and Prospect Shopping Centres. In 2007 the extension of St Stephen’s The investment is estimated to total £300 St Stephen’s Shopping Centre In 2014, Siemens and its partner ABP Shopping Centre was completed, it is the million and generate a c.£20m - £40m announced that it was investing £310 million most recent major retail investment project annual injection into the local economy. The in wind turbine production and installation within the city and is part of the wider salient features include 667,000 sq ft of facilities across 2 sites in the city. The Hull City Masterplan. It comprises over 45 retail space, two department stores, 60 new investment will provide a huge boost to the retailers and food outlets, and is conveniently shops, 175 bed four star hotel and 2,500 car UK’s offshore wind industry and the Humber situated outside the train station opposite parking spaces. region. The investments will create up to House of Fraser. In 2012 it was voted by 1,000 jobs directly, with additional jobs European City of Culture 2017 Retail Week as the UK’s Retail Destination of during construction and indirectly in the the year. Hull was also announced in 2013 as the supply chain. European City of Culture 2017. Over the Princes Quay is the largest shopping centre Retail course of 2017, the city will be host to a wide in Hull and is situated next to Queen Victoria array of art, music, drama and creative Hull has an extensive retail offering from high Square in the central retail district above events. Hull City Council are working with street giants to small independent shops. It is Princes Dock and is subsequently part public and private funders, businesses and well know for its diverse shopping experience suspended by stilts. It has been constructed Hull City Hall Hull train station trusts to deliver the programme of events. and abundance of brands. utilising large windows providing visitors with panoramic views of the Hull Marina and the Hull dock. Adjoining the building is a c. 1,000 Kingston-upon-Hull is situated along the northern side of the Humber estuary and has a total population of 256,400 (2011 Census). Whilst the higher education, and manufacturing sectors have A1(M) YORKSHIRE DALES played a significant role in the economic regeneration of the city, it is now witnessing the emergence of HARROGATE new growth sectors including wind energy, biomass and digital technology. This emergence comes at A59 the same time as a cultural renaissance in the city, following the announcement in 2013 that it is to be YORK A165 the European City of Culture in 2017. A54 A1(M) A64 BEVERLEY Location Economy As the largest city in the area, Hull has A1079 established itself as an important hub for A19 The city is located approximately 40 miles to Hull developed through the middle ages as LEEDS retail, commerce and manufacturing. Its BRADFORD the south east of York, 60 miles to the east of a port, from which wool was exported to business base is characterised by some KINGSTON UPON HULL Leeds, 70 miles to the north east of Sheffield northern Europe. It remains a major gateway of the larger organisations such Arco, M62 and an equidistant 200 miles to London and to the European Union, and where the raw BURNLEY Reckitt Benkiser, Smith & Nephew, Croda Edinburgh. materials of the Baltic region were imported International and P&O Ferries. into England. Now some of the largest super M62 Hull train station provides regular services ferries in the world operate from the Humber The Public Sector accounts for the largest UK wide, including a direct service to A15 Port, which is the UK’s largest, multi-purpose proportion of jobs in the city. Key employers London Kings Cross (approximately 2h SCUNTHORPE ports complex serving the north of the UK. include the Inland Revenue, Hull and East M62 37m), and Leeds (56m). Humberside Airport Yorkshire Hospitals NHS Trust, Hull City BARNSLEY (approximately 20 miles to the south of Hull) Hull’s economy has significantly changed over M180 Council, the Land Registry and the University has regular flights to destinations across the last 30 years and has been shaped by of Hull. Although located outside the city of GRIMSBY the UK and mainland Europe, with British its location and history, with many industries MANCHESTER Hull, BP Chemicals and BAE Systems are Airways and KLM both running services from developing from the combination of the also major employers of Hull labour. M1 DONCASTER the airport. port and rural surroundings. These include M18 Liverpool A1(M) services such as bioscience, advanced Humber Quays One and Two, a regeneration engineering, food manufacturing and port waterside development, has become the SHEFFIELD and logistics. premier business district for Hull, raising the core availability of high specification office space within the area. The two buildings, 4 5 PEAK DISTRICT Lincoln A1 THE HUMBER THE HUMBER PORTFOLIO PORTFOLIO The Portfolio Total rent Property type Total % bedrooms Total rent Total rent passing % bedrooms let Total rent pa Number agreed for by number of number tenanted for passing pa pw/bedroom for 16/17 (as at agreed for The portfolio comprises a total 195 student let assets (a mix of C3, C4 two storey terraced houses with gardens to the rear. On average each by type 16/17 pw/ bedrooms bedrooms 15/16 15/16 tenanted 15/16 24/02/16) 16/17 and sui generis uses) and 4 commercial units. The portfolio has been bathroom serves 2.93 bedrooms (34% provision per bedroom) across bedroom aggregated over the past 20 years through the acquisition of both the houses, whilst in the flats there is a bathroom for every 2.1 bedrooms individual student rental properties as well as via the purchase of smaller (48% provision per bedroom). 1 bed flat 19 19 100.0% £100,650 £101.87 100.0% £101,040 £102.27 student property portfolios. The residential properties in the portfolio are all held freehold. The The majority of the assets are located within 1 mile of the main University properties tenanted are subject to Assured Shorthold Tenancies (AST’s). 2 bed flat 7 14 100.0% £52,560 £72.20 85.7% £45,080 £72.24 of Hull campus, which is located just north of Cottingham Road and 1 and 2 bedroom flats are typically let on AST’s for 52 week terms. The south of Inglemire Lane. 70% of the residential properties within remainder of the properties are let on 50 week terms. The tenancy start 3 bed flat 4 12 100.0% £48,300 £77.40 100.0% £48,750 £78.13 the portfolio are concentrated over 10 principal streets. The largest dates typically commence on 1st August. concentrations being along Ash Grove (10.3%), Brooklyn Street (9.7%), 4 bed flat 3 12 100.0% £44,240 £70.90 91.7% £48,300 £84.44 Tenants rental payments are typically made in 4 installments across the De Grey Street (9.7%) and Beresford Avenue (8.7%).