High yielding student accommodation assets let at affordable rents in prime, city centre locations.

Meadow Court, , , EH9 1NH , G2 3HU

Managed by 2 EXECUTIVE SUMMARY Meadow Court, Edinburgh Sauchiehall Street, Glasgow

• Opportunity to acquire a leased, • Opportunity to acquire a prime, We are pleased to offer a rare opportunity to acquire city centre located purpose centrally located, student two well let student accommodation properties in the built student accommodation accommodation investment renowned Scottish Cities of Edinburgh and Glasgow. with reversionary potential; boasting market encompassing • Meadow Court is centrally located affordable rent profile; Both benefit from city centre locations, within prime in Sciennes, adjacent to Meadows • Situated , student areas, offering good quality accommodation at Public Park with Edinburgh’s equidistant from Glasgow’s principal competitive rents. 2015/16 occupancy of 100% for both University’s main campus located universities, and within an area assets. Combined projected net income for 2016/17 of just 5 minute walk away; boasting an abundance of student • Subject to a lease to the amenities including shops, pubs, £1,008,947 with strong rental growth and light touch ; clubs and other leisure facilities; refurbishment potential from a low base. • Managed by Prime Student Living; • Managed by Prime Student Living; • The property comprises 148 well • Highly accessible location with specified student bedrooms excellent bus, train and SPT subway arranged as 3, 4, 5 and 6 bedroom connections to all universities cluster flats along with 5 and 6 and the rest of the city; bedroom townhouses arranged • Comprises 81 student bed spaces PROPOSAL around a central courtyard; • The accommodation is the • Edinburgh is also home to nearly most affordable private sector 48,000 students in total across accommodation in Glasgow, with the University of Edinburgh, average room prices of £112 per week; We are seeking offers in excess of £14,650,000 subject Edinburgh Napier, Herriot Watt • Multiple demand drivers with and Queen Margaret University; five Higher Education Institutions to contract which reflects a Net Initial Yield of 6.68% • Heritable Interest; (HEI’s) and almost 55,000 full based on 2016/17 income and purchasers cost at 3.11%. • Summer income is underpinned time students (HESA 2014/15); by annual agreement with • Heritable Interest Destiny Student Limited; • Potential lease and nominations The properties are also available separately. • Budgeted Net Operating Income agreements with Glasgow’s for 2016/17 of £696,155. Higher Education Institutions; • Budgeted Net Operating Income for 2016/17 of £312,792. 3

MANAGEMENT AND OPERATIONS

Prime Student Living is the student housing management arm of the Crosslane Group. Prime Student Living manage and operate the entire portfolio of the Victus European Student Accommodation Fund, along with the student accommodation of other third parties such as Coral and AUB.

It is a member of ANUK, which is the The assets are available with or recognised industry leader in the without the benefit of a management accreditation of managers of agreement, however Prime Student student accommodation. Prime Living would be delighted to offer currently manages existing student their services to continue to manage accommodation of over 2,000 the portfolio. The management fee bedrooms in the UK, France and would be dependent on the scope of Germany. By the commencement of the services required however typically, 2015/16 academic year, Prime will have for mandates of this type the fee is 4,000 bedrooms of accommodation estimated at approximately 4% of gross under management throughout rents received, subject to negotiation. A the UK and mainland Europe. full management proposal is available.

Prime aim to offer a complete management service to their partners, from ensuring each room is occupied on the first day of term to collecting the rents. Their team will utilise all sales channels and relationships and their building managers will market directly to existing students, whilst their website and online activity can pick up new and international students looking for accommodation. 4

Meadow Court, Sciennes, Edinburgh 5

Location Edinburgh is a capital city of global recognition, with population of 492,680 (2014) boasting the strongest economy of any city in the UK outside of London and is one of the fastest growing cities Situation in Europe. It is also one of the largest student markets outside of London with four established Meadow Court is centrally located in Sciennes, opposite the University of Edinburgh’s own universities and approximately 47,000 full-time students excluding Edinburgh College which accommodation on and adjacent to Meadows Public Park. The University of Edinburgh’s main attracts a further 25,000 students. campus is located just 0.5km (0.3miles) to the north, therefore the property is strategically well located for students of the University of Edinburgh, within a 5 minute walk time. There are 23 major festivals held throughout the year in Edinburgh with c.5 million attendees. The summer Sciennes is very close to many different departments of the University of Edinburgh, and therefore “One of the fastest festivals attract up to 4 million visitors annually so summer has a large student population, some living in modern university-owned residences. Most of the occupancy is notably high across the city with rents often student housing is non-purpose built merging into Grange, Newington and . growing cities at a premium. Demand for bedrooms is strengthened in Europe” by the city’s strong language school market operating The property is 1.5 miles from , Edinburgh’s main shopping destination which is primarily during July and August. home to several UK high street brands such as Boots, BHS, H&M, Debenhams, House of Fraser, Marks & Spencer, Topman and Topshop and HMV. Edinburgh sits on the main East Coast railway line, with direct connections to London and access to the wider UK road and rail network. Edinburgh International Airport is 25 minutes from central The property benefits from excellent transport links with numerous bus stops close to the property Edinburgh offering direct flights to destinations including London, Manchester, New York, Paris, providing access to the city. Edinburgh Waverley Station is 1.3 miles north of the property. Madrid, Berlin, Dublin, Rome, Amsterdam and Zurich. 6 Meadow Court, Sciennes, Edinburgh

Description Internal Specification Meadow Court comprises 148 student bedrooms arranged as 3, 4, 5 and The main block comprises cluster flats of 3, 4 and 6 bedrooms. The 3 and 4 beds have one 6 bedroom cluster flats along with 5 and 6 bedroom townhouses around toilet and one shower/bathroom with the 6 beds benefiting from two toilets and two shower/ a central courtyard with access provided off Sciennes Road. bathrooms. Along with the main block there are two blocks of town houses comprising 5 and 6 bedrooms. Again the 6 beds benefit from two toilets and two shower/bathrooms, with the 5 The courtyard area provides car parking for 13 cars as well as bicycle storage. beds having just one of each. On-site 20Mb Broadban d FlatscreenTV All Utility 24/7 On-site Washer/ Dryer Car Parkin & FREE gement & g Wi-Fi Bills Included Mana Wi-Fi is provided throughout the property and the property The property was refurbished in 2012 which included new bathrooms Maandint kitchen/loungeenance provides a free shuttle to University buildings. areas including ovens, work surfaces, washer/dryers, new furniture and flooring. Each flat has shared kitchen/lounge areas with soft furnishings, dining table and chairs and washing machine. Wall mounted flat screen TV’s are provided in lounge areas.

Flat Schedule Large bedrooms comprise 3/4 beds, standard rooms have single beds. There is a small accommodation office located between the main block and one of the blocks of town houses Room Type 3 Bed 4 Bed 5 Beds 6 Beds Number of rooms and storage for 22 bicycles. Cluster Flats 1 22 4 115 Houses 3 3 33 Total 3 88 15 42 148 7 Meadow Court, Sciennes, Edinburgh Edinburgh Student Accommodation Market There are 4 universities in Edinburgh, with the University of Edinburgh being by far the largest in the city with nearly 25,000 students. Edinburgh Napier and Herriot Watt are of a similar size, whilst Queen Margaret is relatively small.

Historic 2014/15 University of Edinburgh Edinburgh Napier Heriot Watt Queen Margaret Occupancy FT student population 24,975 10,460 8,695 3,525 CAGR 2008-2014 3% 0% 3% 1% 100% 2015/16 Number of international students 6,495 985 2,050 225 % of international students 25% 9% 24% 6% 91% Change in UCAS applications 2011-2014 26% 4% 15% -4% Satisfaction UCAS app : accepts ratio 10.2 7.7 8.3 8.1 Rating Times Rank 22 93 38 96=

The University of Edinburgh Edinburgh Napier University Heriot-Watt University Tenure The University of Edinburgh is the sixth Edinburgh Napier University was founded as a Heriot-Watt University was established as oldest in the English speaking world and is technical college in 1964 and gained university the School of Arts Edinburgh in the 1820s Heritable Interest. ranked 17th in the world by the QS World status in 1992. The University is named after and was awarded university status in University Rankings. It is rated 4th in the John Napier, the inventor of logarithms and 1966. It is currently divided into 6 schools UK for research power by the Research the decimal point. Napier University was and operates out of a parkland campus Excellence Framework and is a member of awarded the Queen’s Anniversary Prize for in the South West of Edinburgh. Tenancies the Russell Group of elite UK universities. Higher and Further Education in 2009. The University has a significant proportion Meadow Court is subject to a 3 year Lease from The student population has grown at a rate The University currently recruits 78% of of postgraduate students (24%) which September 2014 to the University of Edinburgh above the UK average in total as well as its students from the UK, slightly above the is higher than the national average for a 38 week term. across all levels of study. The total number of national average, but a large number of (18%). Student number growth in recent students amounted to 24,975 in 2014/15. Over students are from the EU (13%), a figure over years has been extremely healthy. The current passing rent is £753, 711 rising to a 5-year time span the number of students double the national average, again providing £779,019 in September 2016. from outside the region increased by 27%, good demand for purpose built accommodation. The University received 71% more applications which is positive in terms of demand for in 2014 compared to 2008, reflecting the purpose-built student accommodation. The University received 18% more applications institutions growing popularity among in 2014 compared to 2008, reflecting its students and the University is currently Applications to the University of Edinburgh increase in popularity, and is currently ranked 38th in The Times ranking table. are significantly higher than the national ranked 93rd in The Times ranking table. average, at 10.2 per place in 2014 reflecting its global standing. The University consistently performs well in the university rankings tables and is currently ranked 22nd by The Times. 8 Meadow Court, Sciennes, Edinburgh £200 Private Sector and University Stock Private Stock University Supply£200 University Stock Summary Private Stock

The supply of student bed spaces in Edinburgh is 11,587. 8 The vast majority of bed spaces in the City are provided 9 by universities, which means that rents have remained £150 relatively restrained in Edinburgh in recent years, with the City Council reluctant to approve planning applications for purpose built bed spaces.

Edinburgh College of Art 18 £150 2 19 7 16 3 University of £100 Weekly Rent 13 Edinburgh Campus Weekly Rent 15 17 12 14 1 5 4 23 20 22 10 21 6

£50 t t t t t t t s e e e e e e e £100 11 l t t t t t e e e e h Garnett Hall West Village Firhill Cour Kelvin Cour 9. Forbes Hall Thurso Street 5. Murray Hall 26. Blackfriar s Dunaskin Mill University of Edinburgh 23. Tramworks 10. 15. Lister Hous e 22. St James Hous e 31. 30. 7. Birbeck Cour 38. Wolfson Hall 21. Collegeland 17. Winton Driv

King’s Campus 13. Victoria Halls 33. 37. Gibson Street 32. Bridge Hous e Hyndland Hous e 35. 29. Liberty Hous e 19. Newton Hous e 27. 6. Andrew Ure Hall 20. Buchanan View Kelvinhaugh Street 4. Sciennes 2. Caledonian Cour 8. Cairncross Hous 36. 8. Shrubhil 3. James Blyth Cour 24. Claremont Hous Grove Street 28. Blythswood Hous 14. 25. Kelvingrove Hous 20. Lee Hous e Ascham Cour Turner Hous 1. Fraser Cour Meadow Cour t 1. Patrick Thomas Cour 11. Arran Hous 23. Baird Hous e 13. 21. Ewing Hous e 12 . 359 Sauchiehall Street 22. 14. 7. Holyrood Sout 2. Kincaid's Cour 4. Thomas Campbell Cour 10. Clifton and Stewart Houses 9. McDonald Road 15. The Haymarke 19. Wellgate Hous 17. Chalmers Street 3. Robertson's Clos 5. South Clerk Street 16. Portsburgh Cour 18. Sugarhouse Clos e 34. 12. IQ 18. Queen Margaret Residenc 11. Margaret Macdonald Hous 16. Murano Street Student Village

6. Warrender Park Crescent Property Property 9 Meadow Court, Sciennes, Edinburgh

£200 University Stock Private Stock £200 University Stock Private Stock Future Development The student : bed ratio in Edinburgh is 3.3, meaning £150that there is significant scope for future development in the city. However, due to the historic nature of Edinburgh securing a site and planning permission is constrained. Consequently the private sector has a relatively small presence, with only £150 UNITE, Homes for Students and IQ having a significant£100 number of beds. Weekly Rent Weekly Rent

£50 t t t t t t t s e e e e e e e £100 l t t t t t e e e e e h Garnett Hall West Village Firhill Cour Kelvin Cour 9. Forbes Hall Thurso Street 5. Murray Hall 26. Blackfriar s Dunaskin Mill 23. Tramworks 10. 15. Lister Hous e 22. St James Hous e 31. 30. 7. Birbeck Cour 38. Wolfson Hall 21. Collegeland 17. Winton Driv 13. Victoria Halls 33. 37. Gibson Street 32. Bridge Hous e Hyndland Hous e 35. 29. Liberty Hous e 19. Newton Hous e 27. 6. Andrew Ure Hall 20. Buchanan View Kelvinhaugh Street 4. Sciennes 2. Caledonian Cour 8. Cairncross Hous 36. 8. Shrubhil 3. James Blyth Cour 24. Claremont Hous Grove Street 28. Blythswood Hous 14. 25. Kelvingrove Hous 20. Lee Hous e Ascham Cour Turner Hous 1. Fraser Cour Meadow Cour t 1. Patrick Thomas Cour 11. Arran Hous 23. Baird Hous e 13. 21. Ewing Hous e 12 . 359 Sauchiehall Street 22. 14. Portsburgh Cour 7. Holyrood Sout 2. Kincaid's Cour 4. Thomas Campbell Cour 10. Sugarhouse Clos Robertson's Clos Clifton and Stewart Houses South Clerk Street 9. McDonald Road IQ Fountainbridge 15. The Haymarke 19. Wellgate Hous 17. Chalmers Street 3. 5. 16. 18. 34. 12. 18. Queen Margaret Residenc 11. Margaret Macdonald Hous 16. Murano Street Student Village Warrender Park Crescent

6. Property Property 10 Meadow Court, Sciennes, Edinburgh Summer Income Investment Summer income is underpinned by annual Considerations/ agreement with Destiny Student Limited, the agreed rent for summer 2015 was £95,700. Asset Management Oppertunities Financial Information Multiple demand drivers with four Higher Budget 2016/17 Education Institutions (HEI’s) and almost 48,000 Rental Income £779,019 full time students (HESA 2014/15). Summer Income £95,700* • Situated Edinburgh City Centre, within Totals £874,719 five minute walk of the University of Operational Expenses £178,564** Edinburgh’s campus in an area with a high student population; Net Income £696,155 • Demand for bedrooms is strengthened by the city’s strong language school market operating primarily during July and Tax August and the annunal Fringe Festival; We understand the property is elected for VAT • Highly accessible location with excellent purposes. bus and train connections to all universities and the rest of the city; • Leased to the University of Edinburgh with Planning good renewal potential; We understand that the properties have • Summer income is underpinned by annual consent for their existing use but purchasers agreement with Destiny Student Limited; will need to satisfy themselves on the current • Opportunity to enhance gross rental position. position through light touch refurbishment; • Reversionary on a direct let basis. EPC’s The property has an EPC rated E.

* Based on 2015/16 summer income. ** 2015/16 exclusive of management fees + VAT 11 Sauchiehall Street, Glasgow Sauchiehall 12 Street, Glasgow

Location Glasgow is the largest city in , and the third largest in the . It is located Sauchiehall Street is one Glasgow’s main commercial streets linking the City Centre with the West approximately 73 kilometres west of Edinburgh, approximately 300 kilometres North West End. Along with and Argyle Street, it forms the main shopping area containing of Manchester and approximately 500 kilometres North West of London. Glasgow City has a the majority of its high street and chain stores. The West End is a vibrant neighbourhood centred population of 593,245 (2011 Census). around and the surrounding lanes, most notably Ashton Lane which is home to some of the best bars, pubs and restaurants the city has to offer. Glasgow is home to five Higher Education Institutions (HEI’s) with almost 55,000 full time students in 2014/15 (HESA). The property is located within walking distance of all of Glasgow’s universities, with the , Glasgow Caledonian University, the University of Strathclyde, and the Royal Conservatoire of Scotland all being within 20 minutes’ walk. Furthermore the property has excellent transport links with Glasgow Central and Glasgow Queen Street railway Situation stations being just 13 minutes’ walk. Buchanan Street subway station is located close Queen Street The asset is located in the heart of Glasgow’s City Centre in a prime position on the south side of Station and is just 10 minutes’ walk form the property, both of which provide Sauchiehall Street, at its junction with Holland Road. Sauchiehall Street is one of the city’s main access to the rest of the city. There are also a number of buses that stop on Sauchiehall Street. retail thoroughfares, with the surrounding area boasting an abundance of student amenities including shops, pubs, clubs and other leisure facilities. The property is diagonally opposite The University of Glasgow’s Dental School and Glasgow School of Art. Sauchiehall 13 Street, Glasgow

Description Accommodation The property comprises a converted Category B listed sandstone building providing student The accommodation provides 81 standard student bed spaces arranged in 19 cluster flats of 3, 4 accommodation arranged over four floors. The accommodation is accessed at ground level from and 5 bed spaces with shared kitchen, lounge and bathroom facilities. To the first, second and third Sauchiehall Street and via a secondary entrance on Holland Street. A reception and accommodation floor there are six cluster flats with one cluster flat to the 4th floor. office are provided at first floor level, with storage and bicycle storage at basement level. There is a Wetherspoon’s public house to the ground floor which is held under separate ownership. Each flat benefits from a large kitchen and living space, with individual bed spaces categorised as Double, Single and Small Single, with associated price differentials. Double rooms benefit from either double or ¾ beds with all rooms benefiting from individual washbasins. Typical cluster flats Internal Specification have a shared bathroom with a shower with 5 bed clusters benefiting from two shower rooms. The bedrooms provide contemporary fixtures, fittings and furnishings including desk, chair, bedside table, wardrobe and sink in vanity unit. Shared bathrooms comprise WC and basin with Flat Schedule & Weekly Rents separate cubicle shower rooms. Communal kitchen and lounge areas comprise a good sized lounge area with sofas (all of which have recently been replaced), coffee table and dining table Flat No. of No. of Room Type Tenancy Price per week 2016/17 with dining chairs. Fitted kitchens comprise wall and base units with oven, hob, sink, washing Type Flats Beds Comfort Room 44 Weeks £109 machine and freestanding fridge-freezers. 1 3 3 Bed 50 weeks £97 4 Bed 12 48 Comfort + Room 44 Weeks £117 50 Weeks £108 5 Bed 6 30 3 Deluxe Room 44 Weeks £126 Total 19 81 50 Weeks £114 Sauchiehall 14 Street, Glasgow Asset at a glance Glasgow Student Accommodation Market There are five Higher Education Institutions in Glasgow; The University of Glasgow, The University of Strathclyde and Glasgow Caledonian University have significant full time student populations. Each of these universities are investing heavily in their campuses as student numbers increase and 41% of greater emphasis is placed on the quality of courses and the overall student experience. The University of Glasgow is located in the West End with the International other four institutions located in the City Centre and are served by an established private sector student accommodation market. Students 2015/16 2014/15 University of Glasgow Caledonian Glasgow School University of Royal Conserv. Historic Glasgow University of Art Strathclyde of Scotland Occupancy FT student population 22,705 13,555 1,715 16,170 1,245 Number of international students 4,025 1,410 265 1,840 145 100% 2015/16 % of international students 18% 10% 15% 11% 15% Change in UCAS applications 2012-2015 5% 14% 6% 47% n/a 87% UCAS app : accepts ratio 6.9 7.6 8.1 6.4 n/a Satisfaction Times Rank 26 94 n/a 46 n/a Rating The University of Glasgow The University won the UK University of the facilities and teaching spaces at the Glasgow The University of Glasgow is the dominant Year 2012 and UK Entrepreneurial University of campus which is located in the town centre Higher Education Institution (HEI) in Glasgow the Year 2014. and have attendees from over 100 countries with a market share of 41% of the full time currently studying in Glasgow. student population in the city. Founded in The University of Strathclyde has been working Tenure 1451, it is the fourth oldest university in the in conjunction with Scottish Enterprise to The Glasgow School of Art Heritable Interest. English speaking world and is a member of complete their £350m Technology & Innovation The Glasgow School of Art, is one of the few the prestigious Russell Group of leading UK Centre, creating a globally recognised hub for remaining independent art schools in the UK. research universities with annual research world-leading research. The development has The School has produced 30% of Turner Prize income of more than £181m. The University of transformed the way academics, businesses, nominees since 2005, including 4 winners Glasgow is ranked 26th in the UK (Times 2016). industry specialists and the public sector and is listed within the top 5 UK architecture work in partnership, warranting Strathclyde schools. The School are also expanding, having The University of Glasgow has a significant University as an internationally recognised concluded a new 95 year lease on the McLellan international student population with 4,025 research institution. Galleries on Sauchiehall Street, student intake in 2014/15 from more than 140 countries is expected to rise from 2015. worldwide. Glasgow Caledonian University Glasgow Caledonian University has a strong The University of Strathclyde international presence with campuses in The University of Strathclyde was established London, New York and Bangladesh and in 1796 during the Scottish Enlightenment and partnerships in China, India, South America has maintained a strong focus on Technology. and Oman. They have invested heavily in Sauchiehall 15 Street, Glasgow Private Sector and University Supply Summary A selection of Standard & Ensuite Clusters comparables.

38 £200 University Stock 17 Private Stock 18 £200 University Stock 15 Private Stock 16 22

£150

University of 30 Glasgow Glasgow Caledonian 37 University Glasgow School of Art 36 £150 35 Royal Conservatoire 20 of Scotland 2 £100

Weekly Rent 33 Weekly Rent 32 11 13 8 24 34 27 31 25 19 12 4 3 14 10 23 28 University of 7 Strathclyde 9 5 29 £50 t t t t t t t s e e e e e e 1 26 21 e £100 6 l t t t t t e e e e h Garnett Hall West Village Firhill Cour Kelvin Cour 9. Forbes Hall Thurso Street 5. Murray Hall 26. Blackfriar s Dunaskin Mill 23. Tramworks 10. 15. Lister Hous e 22. St James Hous e 31. 30. 7. Birbeck Cour 38. Wolfson Hall 21. Collegeland 17. Winton Driv 13. Victoria Halls 33. 37. Gibson Street 32. Bridge Hous e Hyndland Hous e 35. 29. Liberty Hous e 19. Newton Hous e 27. 6. Andrew Ure Hall 20. Buchanan View Kelvinhaugh Street 4. Sciennes 2. Caledonian Cour 8. Cairncross Hous 36. 8. Shrubhil 3. James Blyth Cour 24. Claremont Hous Grove Street 28. Blythswood Hous 14. 25. Kelvingrove Hous 20. Lee Hous e Ascham Cour Turner Hous 1. Fraser Cour Meadow Cour t 1. Patrick Thomas Cour 11. Arran Hous 23. Baird Hous e 13. 21. Ewing Hous e 12 . 359 Sauchiehall Street 22. 14. 7. Holyrood Sout 2. Kincaid's Cour 4. Thomas Campbell Cour 10. Clifton and Stewart Houses 9. McDonald Road 15. The Haymarke 19. Wellgate Hous 17. Chalmers Street 3. Robertson's Clos 5. South Clerk Street 16. Portsburgh Cour 18. Sugarhouse Clos e 34. 12. IQ Fountainbridge 18. Queen Margaret Residenc 11. Margaret Macdonald Hous 16. Murano Street Student Village

6. Warrender Park Crescent Property Property Sauchiehall 16 Street, Glasgow £200 University Stock Private Stock £200 University Stock Private Stock 359 Sauchiehall Street and Newton House are the only private sector standard non- £150 ensuite bed spaces in Glasgow. The graph left shows that Sauchiehall Street is extremely affordable in comparison to the other private sector ensuite £150 accommodation. £100 Weekly Rent Weekly Rent

£50 t t t t t t t s e e e e e e e e £100 l t t t t t e e e e h Garnett Hall West Village Firhill Cour Kelvin Cour 9. Forbes Hall Thurso Street 5. Murray Hall 26. Blackfriar s Dunaskin Mill 23. Tramworks 10. 15. Lister Hous e 22. St James Hous 31. 30. 7. Birbeck Cour 38. Wolfson Hall 21. Collegeland 17. Winton Driv 13. Victoria Halls 33. 37. Gibson Street 32. Bridge Hous e Hyndland Hous e 35. 29. Liberty Hous e 19. Newton Hous e 27. 6. Andrew Ure Hall 20. Buchanan View Kelvinhaugh Street 4. Sciennes 2. Caledonian Cour 8. Cairncross Hous 36. 8. Shrubhil 3. James Blyth Cour 24. Claremont Hous Grove Street Patrick Thomas Cour 28. Blythswood Hous 14. 25. Kelvingrove Hous 359 Sauchiehall Street 20. Lee Hous e Ascham Cour Turner Hous 1. Fraser Cour Meadow Cour t 1. 11. Arran Hous 23. Baird Hous e Thomas Campbell Cour 13. 21. Ewing Hous e 12 . 22. 14. 7. Holyrood Sout 2. Kincaid's Cour 4. 10. Clifton and Stewart Houses 9. McDonald Road Queen Margaret Residenc 15. The Haymarke 19. Wellgate Hous Margaret Macdonald Hous 17. Chalmers Street 3. Robertson's Clos 5. South Clerk Street 16. Portsburgh Cour Murano Street Student Village 18. Sugarhouse Clos e 34. 12. IQ Fountainbridge 18. 11. 16.

6. Warrender Park Crescent Property Property Sauchiehall 17 Street, Glasgow Summer Income Tax Investment Forecast summer income of £9,951 in 2016/17. We understand the property is elected for VAT purposes. Considerations/ Financial Information Asset Management Planning Opportunities Budget 2016/17 We understand that the properties Rental Income £422,757 have consent for their existing use • Largest city in Scotland and third largest in (97% occupancy) but purchasers will need to satisfy the United Kingdom; • Multiple demand drivers with five Higher Summer Income £9,951 themselves on the current position. Education Institutions (HEI’s) and almost Totals £432,708 55,000 full time students (HESA 2014/15); Operational Expenses £119,916* EPC’s • Situated Glasgow City Centre, equidistant Net Income £312,792 from Glasgow’s principal universities, and The property has an EPC rated G. within an area boasting an abundance of student amenities including shops, pubs, clubs and other leisure facilities; • Highly accessible location with excellent bus, train and SPT subway connections to all universities and the rest of the city; Typical • The accommodation is the most affordable private sector accommodation in Glasgow, Letting Timings with average room prices of £112 per week, % in comparison to an average of £133 per week for the remaining private sector 100 80 70 ensuite stock - 15% lower; 80 60 • Rents at Sauchiehall Street are comparative 60 50 to University stock which is typically 40 pegged at a discount to private sector 40 30 PBSA rents; 20 20 • Opportunity to capitalise rental growth 10 potential from a lower base; 0 0 • Potential lease and nominations Jan Feb Mar Apr May Jun Jul Aug Sep agreements with Glasgow’s Higher Beds Let Education Institutions; Percentage Occupied • Opportunity to enhance gross rental position through light touch refurbishment.

* 2015/16 exclusive of management fees + VAT For further information, please contact:

Sophie Magee Tel: 0161 455 3778 Email: [email protected] Simon Lowe Tel: 0161 455 3745 Email: [email protected]

MISREPRESENTATION ACT: Cushman & Wakefield Copyright 2015. Cushman & Wakefield gives notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility, and any intending purchasers, lessees or third parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Cushman & Wakefield as any authority to make any representation or warranty whatever in relation to this property. Purchase prices, rents or other prices quoted are correct at the date of publication and, unless otherwise stated, exclusive of VAT. Intending purchasers and lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction relating to this property. Date: April 2016