Nottingham City Centre

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NOTTINGHAM CITY CENTRE

A RESIDENTIAL LED, MIXED USE INVESTMENT OPPORTUNITY, IN TWO PRIME LOCATIONS 1

2 PARK & CASTLE

A RESIDENTIAL LED, MIXED USE UNBROKEN FULLY LET INVESTMENT OPPORTUNITY, IN TWO PRIME LOCATIONS WITHIN THE HEART OF NOTTINGHAM CITY CENTRE.

Castle View, 18–30 (Even) Castle Boulevard Westcliffe Court, 45/47 Lenton Road Nottingham NG7 1FL The Park, Nottingham NG7 1DW

INVESTMENT SUMMARY

+ An extremely rare + Westcliffe Court, 45/47 + Westcliffe Court, 45/47 opportunity to secure two Lenton Road comprises eight Lenton Road generates a closely located unbroken self contained flats in one contracted gross income of freehold properties finished block, converted in 2006, and £160,800 per annum to a very high specification let to the student sector of by renowned developers in the market on full 12 month + Ancillary service income of preferred prime locations tenancies £24,000 per annum within central Nottingham + In total, 10 residential units, + Premium rents achieved due + Both properties are situated 8 student units and 4 to location, specification and within the prestigious Park commercial units, all within ancillary services offered Estate, with the Castle two properties 100% occupancy history Boulevard properties being + since the developments were accessed off this peripheral + The residential and student completed road at its borders accommodation income is contracted. The commercial + High capital value resale + Both properties have accommodation is occupied locations excellent access to the by the Vendor who will Nottingham city centre and leaseback simultaneously both its universities with legal completion of the sale + Castle View, 18–30 Castle Boulevard comprises seven + Castle View, 18-30 Castle adjacent townhouses, Boulevard has a combined developed between 2006– contracted and leaseback 2008, to exacting standards gross income of £251,400 per incorporating ancillary annum OPPOSITE commercial units 1 Castle View, 18–30 Castle Blvd 2 Westcliffe Crt, 45/47 Lenton Rd NOTTINGHAM

THE CITY OF NOTTINGHAM LIES AT THE HEART OF THE UK AND IS REGARDED AS THE COMMERCIAL AND ADMINISTRATIVE HUB OF THE EAST MIDLANDS REGION.

With a growing economy worth an estimated Nottingham is the UK’s 4th largest university city. £12.1 billion, Nottingham is served by a substantial There are 60,115 students of which 51,745 (86%) diversified workforce, with over 15 million people are full-time in Nottingham. Of this, circa 19% are living within a 50 mile radius of the centre. international students.

The City attracts a number of international There are some strong language schools residing corporations with over 50 Regional and National in Nottingham which also contribute to the headquarters based in the City. growing population.

Nottingham is the home to Walgreens Boots Exceptional investment in infrastructure, with Alliance, Experian, E.ON UK, Gala Group, Siemens, £1 billion currently being spent in the city and Speedo, Vision Express, Games Workshop, county on making the transport and business Capital One and Paul Smith. infrastructure world-class.

THE PARK ESTATE

THE PARK WAS FORMED FROM THE FORMER DEER GROUNDS OF NOTTINGHAM CASTLE, WITH MANY OF THE PROPERTIES WITHIN THE PARK DESIGNED BY NOTED ARCHITECTS SUCH AS P F ROBINSON, WATSON FOTHERGILL AND T C HINE.

Since 1986, The Park has been a designated Both properties are convenient for the city centre Conservation Area of outstanding national which is within walking distance offering a wide architectural importance. It has become variety of services, amenities, restaurants, bars Nottingham’s premier and prestige address and retail. nestled next to the castle and the city centre. Radford A610 A6514

A609 Nottingham Trent University Sneinton A6130 Market Square The Park University Castle of Nottingham LENTON RD A60

A6514 A6200 CASTLE Nottingham BOULEVARD Station

A52 Marina Dunkirk

A453 University Meadows of Nottingham

For the commuter there is excellent road, rail and air connectivity. 1

ROAD / AIR (Blended average)

Point of interest Distance Between the two properties 0.5 miles Nottingham Market Square 0.6 miles Nottingham Train Station 0.8 miles Nottingham Trent University 0.9 miles

QMC Hospital 1.1 miles 2 University of Nottingham 1.3 miles M1 Junction 25 7.2 miles East Midlands Airport 13.6 miles

RAIL (Source: eastmidlandstrains.co.uk)

Rail station Time East Midlands Parkway 10 mins Derby 24 mins ABOVE Leicester 28 mins 1 Castle View, 18–30 Castle Blvd Sheffield 53 mins 2 Westcliffe Crt, 45/47 Lenton Rd Birmingham 1 hr 16 mins St Pancras International 1 hr 46 mins 1 4

2 5

3 6 7 9

OPPOSITE & ABOVE

1, 2, 6, 7, 10 Castle View 3, 4, 5, 8, 9 Westcliffe Court 8 Mortimer’s Hole Rock Cottage 24 Museum

3a FS

THE PROPERTIES6 7 a

22 b F 3

22 r 1 n

ene

1 a

1 b

1 c

a 2 2

1 0

a 2 1 3

8 th

b 10 Impact

House 1 a 3 1 0 12

HOPE DRIVE

1 9

5 14 9

16 18

26 6

1 to 23 1 1

6 Castle The Gallery 9

Court 7

CASTLE BOULEVARD 7

WHARF RD

2 3

36 8 7

2 99

HASLAM ST

1 0 1

5 3

3 1 to 8 to 1

12 Dukes Wharf

CASTLE BOULEVARD 1

9 to 12 to 9

14 to 17 to 14

18 to 25 to 18 PA

2 LATINE ST

28 to 42 2

Woodsend 7 Wharf

0m 25m 50m 75m

0 Park Wharf CASTLE VIEW1

18, 20, 22, 24, 26, 28 and 30 Castle Boulevard, Nottingham NG7 1FL

THE PROPERTY COMPRISES SEVEN TOWNHOUSES WITHIN AN UNBROKEN TERRACE CONTAINING TEN RESIDENTIAL UNITS AND FOUR COMMERCIAL UNITS. IT WAS DEVELOPED BY THE VENDOR BETWEEN 2006–2008.

The commercial units include an office/shop and The development has been very well considered, garage/laundry store at 18 Castle Boulevard, a being well laid out with a good use of space and hairdressers at 20 Castle Boulevard and a beauty the specification is to an extremely high level. salon at 22a Castle Boulevard. All of the town houses and all of the flats have The residential elements comprise three flats within outside space. 18 Castle Boulevard, a flat at 20 Castle Boulevard, a flat at 22 Castle Boulevard, two flats within Car parking is within a gated central courtyard 24 Castle Boulevard and three self contained within the garage and each unit benefits from an town houses at 26, 28 and 30 Castle Boulevard. on road parking permit. e w

s 1 6 5 5 4 4a 4b 1 7

6 3 FIENNES CRESCENT

1 1 4 1 10

1 6 3

b 3 7

4 1

LENTON COURT

ROCK DRIVE

1 1

35 1 4 5 33 3

5 4

45 to 47 to 45

1 to 8 to 1 197

31a

2 b

7 2

PARK ROAD 72

6 4

58 64

68 76 78

0m 25m 50m 75m 25.9m

WESTCLIFFE COURT

45/47 Lenton Road, The Park, Nottingham NG7 1DW

THE PROPERTY COMPRISES AN UNBROKEN, DETACHED FOUR STOREY FORMER DWELLING HOUSE, WHICH THE VENDOR CONVERTED IN 2006 INTO EIGHT SELF CONTAINED FLATS.

There are two flats on each floor, each having The Property is occupied by students and four bedrooms and two bathrooms and a living/ each has established use as a House in Multiple dining/kitchen. The two lower floor flats also Occupation (HMO) and a HMO License. benefit from a rear terraced area. Each of the flats is fitted out to a very high The location is excellent being within The Park standard for the student sector of the market and Estate and especially good for students being commands a commensurate rent with each being the last property within The Park before the on a full 12 month tenancy. pedestrianised access into Lenton and beyond to the University of Nottingham. THE PROPERTIES

CASTLE VIEW, 18-30 CASTLE BOULEVARD

Gross Gross Address Details Beds Baths Sq m Sq ft rent PA rent PM

18* Office/shop – – 86.2 928 £13,000 £1,083

18* Garage/laundry store – – 160.5 1,728 £6,000 £500

18B First floor flat 2 2 76.0 818 £18,900 £1,575

18C Second floor flat 2 2 89.3 961 £18,900 £1,575

18D Flat over garage 2 2 100.3 1,080 £21,000 £1,750

20* Hairdressers – – 86.1 927 £13,000 £1,083

20A Flat over hairdressers 2 2 88.1 948 £18,900 £1,575

22A* Beauty salon – – 86.1 927 £13,000 £1,083

22B Flat over beauty salon 2 2 96.0 1,033 £18,900 £1,575

24A Ground floor flat 2 2 86.4 930 £18,900 £1,575

24B First floor flat 2 2 85.9 925 £18,900 £1,575

26 Town house 4 2 171.6 1,847 £24,000 £2,000

28 Town house 4 2 163.9 1,764 £24,000 £2,000

30 Town house 4 2 183.8 1,978 £24,000 £2,000

Subtotal 26 20 1,560.2 16,794 £251,400 £20,950

* Denotes commercial property element. Please note that the income against the commercial property is proposed to be leased back simultaneously with legal completion of the sale. WESTCLIFFE COURT, 45/47 LENTON ROAD, THE PARK

Gross Gross Address Details Beds Baths Sq m Sq ft rent PA rent PM

Flat 1 Lower ground floor flat 4 2 96.3 1,037 £21,000 £1,750

Flat 2 Lower ground floor flat 4 2 100.3 1,080 £21,000 £1,750

Flat 3 Ground floor flat 4 2 91.7 987 £19,800 £1,650

Flat 4 Ground floor flat 4 2 87.4 941 £19,800 £1,650

Flat 5 First floor flat 4 2 93.5 1,006 £19,800 £1,650

Flat 6 First floor flat 4 2 80.0 861 £19,800 £1,650

Flat 7 Second floor flat 4 2 93.4 1,005 £19,800 £1,650

Flat 8 Second floor flat 4 2 94.0 1,012 £19,800 £1,650

Subtotal 32 16 736.6 7,929 £160,800 £13,400

TOTAL OF BOTH PROPERTIES

Gross rent Gross rent Description Sq m Sq ft PA PM

Grand total of both properties 2,296.8 24,723 £412,200 £34,350

Notes: 1. All property measured on a Gross Internal Area basis 2. There is additional ancillary service income of £24,000 per annum generated from Castle View 1 2

3 4

ABOVE

Castle View, 18-30 Castle Blvd OCCUPATIONAL USE & INCOME SPLIT

THIS IS A RESIDENTIAL LED, MIXED USE INVESTMENT.

OCCUPATIONAL USE (SQ FT)

RESIDENTIAL STUDENT COMMERCIAL 12,285 7,929 4,509 (50%) (32%) (18%) INCOME SPLIT (£)

RESIDENTIAL STUDENT COMMERCIAL 206,400 160,800 45,000 (47%) (37%) (10%)

TENANCIES & LEASES MANAGEMENT

The residential units are all occupied on 12 month or The Vendors occupy 18 Castle Boulevard as an longer ASTs. The student units are all occupied on 12 office, along with their shop, where they manage the month ASTs. property from. The portfolio has been well managed, The commercial units, to include the office/shop, with premium rents achieved for a premium product, hairdressers and beauty salon are all occupied by resulting in full occupancy. the Vendor who intends to continue in occupation. Additional services provided include utility service A new lease for each unit will be granted from billing, maintenance, a laundry service and window the date of completion for a term of 15 years, on cleaning. These are detailed in the Income Schedule effective full repairing and insuring terms, with five as ‘Ancillary service income’ and is charged in yearly tenant breaks, three yearly upwards only rent addition to the rent. This totals approximately reviews, at a rental of £13,000 per annum for each £24,000 per annum which represents the additonal the office/shop, hairdressers and beauty salon, and 6% of gross income. £6,000 per annum for the garage/laundry store. VAT TITLE We have been advised that no property is elected for The freehold properties are registered under title VAT. numbers NT417335 and NT31601. EPC SERVICES A full suite of EPC’s is available in the data room. Each property is self contained with mains gas, electricity, water and drainage all connected. THE UK PRIVATE RENTED SECTOR

STRONG POPULATION GROWTH OVER THE NEXT 10 YEARS COUPLED WITH A TIGHTENING MORTGAGE MARKET FOR BOTH FIRST TIME BUYERS AND BUY TO LET LANDLORDS MEANS THAT THERE IS SIGNIFICANT OPPORTUNITY FOR SCALE INVESTORS TO MEET THE RISING DEMAND FOR RENTED PROPERTY.

Savills expectation is that the Private Rented The ‘Park & Castle’ portfolio offers an opportunity Sector (PRS) will continue to expand for the to continue to hold as an investment but with the remainder of the decade, with 6.6 million potential to dispose of the individual properties households in the UK by 2019, which is around making up the portfolio. 250,000 new PRS households per annum.

PROPOSAL

Savills is instructed, on a sole agency basis, to seek offers of£6,500,000 for the combined ‘Park & Castle’ portfolio.

This represents a 6.7% blended Gross Initial Yield on the total income (to include the contracted residential and student elements together with the leaseback income on the commercial elements and including the ancillary service income, excluding purchaser’s costs).

DATA ROOM

Further information, detailed below, is available in the data room at: www.savills.com/PC

+ Schedule of accommodation and tenancies + EPCs

+ The last five years occupancy and income + Additional photography

+ Sample tenancy + Location plans

+ Title plans + Floor plans for each property CONTACT

To discuss the Property and to arrange a viewing please contact the sole agents:

MICHAEL DONAGHY

t. +44 (0)115 934 8030 e. [email protected]

OLIVIA HASLAM

t. +44 (0)115 934 8163 e. [email protected]

IAN MUXLOW

t. +44 (0)115 934 8053 e. [email protected]

GEORGE HEPBURNE-SCOTT

t. +44 (0)20 7016 3761 e. [email protected]

IMPORTANT NOTICE

Savills and their clients 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 June 2016 1

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A RESIDENTIAL LED, MIXED USE INVESTMENT OPPORTUNITY, IN TWO PRIME LOCATIONS