Woodhouse Flats, Leeds

SUPERB FREEHOLD VALUE ADD OPPORTUNITY Woodhouse Flats ST MARKS STREET, WOODHOUSE, LEEDS, LS2 9EP PURPOSE BUILT STUDENT ACCOMMODATION Woodhouse Flats, Leeds

Investment Considerations An outstanding opportunity to

❑ 146 non en-suite cluster bed development superbly ❑ Significant asset management angles and reversion purchase a proven, located in Leeds. potential including refurbishment and extension or Purpose Built Student redevelop. Accommodation ❑ Freehold. residence in one of ❑ Excellent lettings history showing historic rental the UK’s leading ❑ The Property is being sold subject to Vacant growth year on year, up to summer 2021. Possession on behalf of Leeds Beckett University. student cities. ❑ 22 off-street parking spaces ❑ Prime location for students at University of Leeds, Leeds Beckett University and Leeds Arts University. ❑ Leeds has a full-time student population of over 59,000 students. ❑ The development comprises 30 student flats

arranged over four separate blocks (A,B,C & D). ❑ Offers in excess of £8,350,000 (Eight Million, Three Edinburgh Hundred and Fifty Thousand Pounds) to acquire the Freehold interest subject to vacant possession. ❑ 1 minute walk to University of Leeds and less than 5 Glasgow minute walk to Leeds Arts University. Leeds Beckett Manchester city campus is a 5 minute walk.

Liverpool

LEEDS Birmingham

London

Swansea

Plymouth

2 University

Other Merrion Shopping Centre Leeds Train Situation Station The Woodhouse Flats development is located to the north of Leeds city. Travel times from the subject site by foot and public transport First Direct Arena LEEDS BECKETT UNIVERSITY are: Leeds General Infirmary

University of Leeds 1 min <1 min -

Morrisons Leeds Beckett University 5 min 3 min -

Leeds Trinity University - 32 min 37 min

Leeds Art University 5 min 2 min -

Leeds Train Station 20 min 8 min 19 min Royal Marines Reserve First Direct Arena 10 min 5 min 15 min

Merrion Shopping Centre 12 min 6 min 13 min Tesco Express

Uni. Of Leeds 34,405 Student Union Leeds Arts Uni. 2,105 FT Student Population

Leeds Trinity Leeds LEEDS ARTS UNIVERSITY Uni. WOODHOUSE Beckett Uni. 4,670 18,080 FLATS

40,000

30,000

20,000 UNIVERSITY OF LEEDS

Londis 10,000 Convenience store 0 Uni. Of Leeds Leeds Beckett Leeds Arts Leeds Trinity FT Students Same Region FT Students Rest of UK FT Students Other EU FT Students Non-EU Woodhouse Flats, Leeds

Summary Property Description 4 BLOCKS Woodhouse Flats are superbly located for students studying at University of Leeds, Leeds Arts 30 Flats University or Leeds Beckett University. 146 BED SPACES The property was built in the mid Rooms range in size from 8.9m2 to There is a one bed apartment on the ground 100% non en-suite cluster flats 2 ACCOMMODATION MIX 1990s and comprises 146 bed 11.6m . Each flat has one bathroom floor of Block D which has historically been spaces arranged across four c.4.6m2 in size and a second reserved for visiting academic staff or post- Light refurbishment 2015 & historic rental blocks. Block A is 3 storeys in washroom c.2.5m2 in size. graduate research students. growth year on year ESTABLISHED ASSET heights whilst blocks B, C & D are four storeys in height. The kitchen / dining areas are 16.80 There are 22 parking spaces to the rear of the 1 minute to 18.40 m2 and have had a light property which are secured by a gated WALKING DISTANCE TO UNIVERSITY OF LEEDS The student flats are made up of refurbishment program to replace entrance accessed from St Mark’s Street. predominantly four and five bed floors and shelving units and fresh These spaces available to residents for clusters. Bed spaces are all non- painting, completed in 2015. £250pa. ensuite with shared WC facilities in each flat offering a significant There is one bed space adopted for asset management angles and internal administrative purposes reversion potential. which has resulted in this flat being reduced to a four bed cluster.

Cushman & Wakefield 4 Woodhouse Flats, Leeds Asset Management Opportunities

The current layout of the property offers investors a unique opportunity to implement a comprehensive refurbishment program within an existing student asset in close proximity to one of the UK’s leading Universities.

Potential future asset management opportunities include: ❑ Undertake an extension plus refurbishment. Massing in the ❑ The property has proven it's ability to work in its current format area may support an additional one or two storey extension allowing a buyer to simply carry out a light refurbishment and to the existing asset, subject to satisfactory planning consent, maintain the existing approach, offering an affordable product increasing the quantum of beds provided and / or and re-letting the existing space. communal areas. In addition, subject to planning approval, an extension of the existing blocks into the carpark at the ❑ Carry out a comprehensive refurbishment by removing the rear of the property has the potential to offer residents a shared shower and WC facilities within each flat and variety of room types and / or communal areas. reconfiguring the layout of each bedroom to incorporate ensuite bathroom pods. ❑ Redevelop the site through a knock down of the existing blocks and rebuilding a new higher density scheme (subject to obtaining satisfactory planning).

❑ Full .DWG files are available in the data room.

Typical Ground Floor Typical 1st-3rd Floors

Cushman & Wakefield 5 Carr Mills: en-suite IQ Leeds: En-suite Hello Students St £120-£129, Studio St Marks £133-£157 pw, Marks Court: £159-£169 Residences: En- Studios £161-£193 Studios £188-£225 suites £148-£153 pw pw pw

Leodis Residences: En-suites £148 pw

Asquith House & Woodhouse Flats Austin Hall: En-suites Leeds Arts £140-£150pw, University Studios £170pw

Montague Burton Residences: Non en-suite clusters £121 pw Eldon Court: En- suite £125-£160 pw, studios £129- £165 pw

Unite Students Broadcasting Tower: Leeds University En-suites £182-£206 Unite Plaza & Sky Student Union pw, studios £242- Plaza: En-suites £255 pw. £141-£197, studios £211-£254 pw

Montague Burton Residences: Non en-suite £118 pw

Cityside: IQ Altus House: En-suite £158- Leeds Beckett Student Union En-suite £157-£194 £162pw, studio £225- pw, studio £249- £265 pw Unite Students £269 pw White Rose View: En-suites from £178 pw, studio 6 from £271 pw Woodhouse Flats, Leeds

Woodhouse Flats, Leeds Income Profile Rental Profile 2020/21 (100% let)

Gross Income £747,451 2019 /20 (100% let)

Gross Income £717,852

2018/19 (100% let)

Gross Income £655,286 2017/18 (100% let)

Gross Income £651,286

The gross rent for the 2020/21 detailed above is based off £125pw on 41 weeks.

Operator The property will be vacated by the end of June 2021 and sold with vacant possession. An incumbent purchaser will need to Lofthouse Residence is operated by YPP who specialise in arrange for their own operational platform. Tenureproviding excellent accommodation to students and young Theprofessionalsproperty isinheldthe LeedsFreeholdarea(Title. : WYK509828). EPC Each of the blocks have individual EPC certificates. These range from C to D.

VAT The property is not elected for VAT.

Viewings Access to view the property can be arranged by contacting Cushman & Wakefield direct.

Data Room Please contact Cushman & Wakefield directly for data room access.

Proposal Offers in excess of £8,350,000 (Eight Million, Three Hundred and Fifty Thousand Pounds) to acquire the Freehold interest.

Cushman & Wakefield 7 Olan Coyle Will Westley Russell Hefferan Senior Surveyor Surveyor Partner No 1 Marsden Street +44 161 235 8975 +44 161 235 7676 +44 161 235 7666 Manchester +44 776 620 5018 +44 771 730 3721 +44 779 531 0140 M2 1HW [email protected] [email protected] [email protected] cushmanwakefield.com

MISREPRESENTATION ACT: Cushman & Wakefield Debenham Tie Leung Limited ("C&W") gives notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property only and do not constitute any part of an offer or contract. 2. Any information contained in these particulars (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact or that the property is in good condition or otherwise nor that any services or facilities are in good working order. 3. The photographs appearing in these particulars show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. Any areas, measurements or distances referred to herein are approximate only. 4. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 5. No person in the employment of C&W has any authority to make or give any representation or warranty whatsoever in relation to this property. 6. This property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 7. Unless otherwise stated, no investigations have been made by or on behalf of C&W regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations as required. In order to discharge its legal obligations, including under applicable anti-money laundering regulations, C&W will require certain information of the successful bidder. In submitting a bid, you agree to provide such information when Heads of Terms are agreed. Date of publication June 2021.