For Sale - Microsoft... · Student Residential Development Opportunity For Sale Blocks A & B The...

On behalf of the Administrators of Mederco (Huddersfield) Limited & Mederco Block A Limited

Student Residential Development OpportunityFor Sale

ENTER

Blocks A & B, The Waterfront, Manchester Road, Huddersfield, HD1 3FH

Student ResidentialDevelopment Opportunity

For Sale

Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH

EXECUTIVE SUMMARY

• Unique opportunity to acquire the freehold interest in a partially complete student residential scheme comprising 420 apartments in Huddersfield• Located in close proximity to the University of Huddersfield and Huddersfield town centre • Potential to generate an Estimated Rental Value of £1.92m per annum


For Sale


LOCATION The property is located in the southern periphery of Huddersfield town centre in West Yorkshire. Huddersfield is approximately 20 miles to the south west of Leeds city centre. Junction 23 and 24 of the M62 are approximately 4 miles to the north west and north of the scheme respectively.

The property is located on the south side of Manchester Road at the junction to Outcote Bank and Bankfield Road. The River Colne runs adjacent to the property on the south side of the scheme. Neighbouring the property to the east is Block C (Kingfisher Court), a build complete residential block that was originally part of the same development and has been built to the same configuration as Block B.

A643 LINDLEY MOOR ROAD

A629

A643

A629 HALIFAX ROAD

A629

A640 NEW HEY ROAD A640 A640 TRINITY STREET

A62

A62

A616

LO

CKWOOD R

OAD

A629 WAKEFIELD ROAD A629 WAKEFIELD ROADA629 PENISTO

NE

ROAD

A62

A62 LEEDS ROAD

A62

LEED

S RO

AD

A641

BRA

DFO

RD R

OAD

A6

41

A62 MANCHESTER ROAD A62

B643

2

B6118

B6118

HALIFAX OLD ROAD

ACRE STREET

WEST ROAD

WOODHOUSE HILL

D

ALTO

N B

ANK

ROAD

DALMENY AVENUE

SCAR LANE

LEYMOOR ROAD

GILEAD ROAD

LONGWOOD ROAD

COWRAKES ROAD

FENNAY LANE

FERNSIDE AVENUE

ALMONDBURY BANK

SOUTHFIELD ROAD

HAL

L CR

OSS

RO

AD

M62

M62

24

HUDDERSFIELD

20a9

121

21a10

418

215

743

4229

51

352

29a

35a

32a

92

41

3

4

3

2

1

11

11

2

9

98

8

4

6

7

810

11

12

13

3

6

5

30

31

45

44

47

42

3231

3028

33 3435

6

2

4

3

1

32

31

30

33

34

35

36

37

36

39

40

41

34

36

37

36

36

37

46

4544

6432

1

2726

25

2423

22

3

2

25

24

23

227

31

27

25

24

23

2221

21

19

20

17

5

568

19

20

1011

3a

1a

M6

M6

M62

M56M56

M62

M62

M1

M1

M1

M1

M1

M62

M621A1(M)

A1(M)

A1(M)

A1(M)

M62

M62

M18

M180M18

M18

M62M606

M60

M60

M67

A627(M)

M66

M60

M65

M65

A49

A49 A57

A56

A56

A56

A34A6A57

A635

A663

A663

A576

A665

A56

A5081

A5145

A5103

A560

A57

A56A558

A49

A579

A577

A666

A666

A666

A666

A666

A677A6119

A680

A671

A6068

A646

A6119

A59

A59

A56A682

A64

A64

A58

A614A6120

A6120A6110

A6110

A61

A61 A58A64

A64

A63A643 A63A61

A19

A63A63

A19

A19

A19

A159

A631

A631

A60

A614

A57

A57

A1

A1

A630

A638A6182

A1041

A56

A676A58

A58A673

A58A58

A58

A58

A58

A58

A629

A644

A650

A642

A629

A629A616

A61

A616

A6195

A6195A628

A628

A628

A635A635

A640

A637

A637

A638

A638

A638

A629

A58

A6036A650

A650

A629

A6177

A56

A58

A49

A49

A5209

A580

A53

A61

A6102

A630

A631

A57

A619A6020

A623

A34

A34

A538

A34

A523

A523

A6

A560

A627A62

A6017A6018

A628

A628

A628

A6

A6

A6

A536

A537

A556

A556

A556A556

A49

A49

A533

A533

A533

OLDHAM

DENSHAW

WALKDEN

WIGAN

HORWICH

DARWEN

BURNLEY

BLACKBURN

WHALEY

BARNOLDSWICK

LOXLEY

HUDDERSFIELD

BARNSLEY

PENISTONE

HOLMFIRTH

DEWSBURY

CASTLETON

HAYFIELD

DRONFIELD

MACCLESFIELD

WILMSLOW

STOCKPORT

GLOSSOPHYDE

KNUTSFORD

ALTRINCHAM

BOLTONBURY

ROCHDALE

LITTLEBOROUGH

RAWTENSTALL

HEBDEN BRIDGE

HAWORTH

HALIFAX

GAINSBOROUGH

MISTERTON

EPWORTH

THORNE CROWLE

BLYTH

DONCASTER

ASKERN

ROTHERHAM

GOLDTHORPE

PONTEFRACT

CAWOOD

WHELDRAKE

HILLAM HOWDEN

BURSEA

OLLERTON

TUXFORDHOLMESCHAPEL

MANCHESTER

SHEFFIELD

BRADFORDLEEDS

WAKEFIELD

PRESTON

PEAK DISTRICTNATIONAL PARK

MANCHESTERAIRPORT

LEEDS BRADFORDAIRPORT


For Sale


DESCRIPTIONThe property comprises two student residential blocks (Block A & Block B) that have been designed to the same specification. The external finishing of each building is a combination of brick and composite cladding beneath flat roofs. The property features an undercroft car park which is suitable for c. 20 cars.

Internally the property comprises 168 apartments in Block A and 252 apartments in Block B. The apartments are configured to provide one bed accommodation with each room comprising an en suite bathroom and kitchenette area. The majority of the apartments have been furnished. The reception areas to the blocks are positioned on the 3rd floor and are accessible via main entrances that are located on Manchester Road. There is a communal area and gym on the 3rd floors, although the development of these is not yet complete.


EXECUTIVE SUMMARY

LOCATION

DESCRIPTION

ACCOMMODATION

THE OPPORTUNITY

FURTHER INFORMATION


For Sale ACCOMMODATIONA full breakdown of the accommodation for the property is outlined in the table below:

BLOCK A Standard studio 154 2,772.0 29,838Double studio 5 125.0 1,346Accessible studio 9 225.0 2,442TOTAL: 168 3,122.0 33,626

THE OPPORTUNITY The student residential market has performed strongly in the UK in recent years. The macro picture shows steady rental growth over time. Headline rental growth for purpose built accommodation increased by 2.26% for the 2018/2019 academic year when being compared to the previous year. This trend correlates with the fact that UK universities are continuing to recruit an increasing number of students, thus overall demand for accommodation is increasing.

The property is well positioned to capitalise on the above trend, being less than 1/2 mile west of the University of Huddersfield. The university has grown in recent years and now has approximately 20,000 students. The reputation of the university has also shown evidence of growth. The Guardian University League Table 2020 ranks the university 43rd out of 121 in the U.K which is a substantial improvement from a ranking of 60th in 2018.

There is also a strong supply of amenities in the local area. Huddersfield town centre is within walking distance of the property and features all the usual high street retailers.

Reflective of local market conditions, the property has the potential to generate an Estimated Rental Value (ERV) of approximately £1.92m per annum. A breakdown of this figure is included in the table below:

BLOCK B Standard studio 236 4,248.0 45,725Accessible studio 16 464.0 4,995TOTAL: 252 4,712.0 50,720Parking spaces: 20

BUILDING ELEMENT NUMBER OF UNITS SQ M SQ FT

GALLERY

BLOCK A Standard studio £90 154 £693,000Double studio £110 5 £27,500Accessible studio £110 9 £49,500

BLOCK B Standard studio £90 236 £1,062,000Accessible studio £110 16 £88,000

BUILDING ELEMENT ERV OF UNITS PER WEEK

NUMBER OF UNITS

ERV PER ANNUM(ASSUMING 50 WEEK TERM)

TOTAL: £1.92M PER ANNUM



For Sale


COMPLETION WORKSIn order for the property to be suitable for occupation further work is required to include:

• Fire compartmentation works• Furniture installation • Gym equipment installation• Lift commissioning • External envelope works• Internal snagging

Parties are invited to inspect the property to assess the works identified above. We advise that parties should satisfy their own enquiries in relation to costing up the works.

TITLE INFORMATION The property is held freehold under two separate title numbers. Block A is held freehold under the title number YY61847 (highlighted in blue in the adjacent plan). Block B is held freehold within the same title as the neighbouring Block C under the title number YY41694 (highlighted in green in the adjacent plan).

The adjacent plan depicts the boundaries of the freehold being offered for sale (highlighted in red). This plan is indicative only.

Official copy entries of the title documents are contained within our Data Room.

PLANNING INFORMATIONWe understand that the property has been built in accordance with the following planning applications:

2014/62/90411/W - Erection of 2 blocks of student accommodation (Block’s B and C) at the land adjacent to Manchester Road, Huddersfield. Application approved on the 19 August 2014. 2016/62/91026/W – Erection of 168 student studios with communal areas (Block A) at the land adjacent to Manchester Road, Huddersfield. Application approved on the 27 January 2017.

For further information please visit our Data Room or contact Kirklees Council.

BLOCK A

BLOCK B


For Sale




For Sale VAT The Administrators reserves the right to charge VAT on the sale of the property.

DATA ROOMWe have produced an online Data Room portal containing further detailed information to assist parties with further due diligence.The Data Room can be found at:http://hudstudentblocks.avisonyoung.co.uk

VIEWINGSViewing days will be arranged in due course and parties who have expressed interest will be invited to attend via the sole agent.

Andrew [email protected] 0113 280 8046

Rob Cruikshank [email protected] 280 8069

CONTACT INFORMATION


http://hudstudentblocks.avisonyoung.co.uk

For Sale - Microsoft... · Student Residential Development Opportunity For Sale Blocks A & B The...

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