Student Let Investment in Southampton SO14

£ 2,800,000
Guide Price

Student Let Investment, Casita Park. 17-18 St Mary’s Place Southampton SO14 3HY

This student let accommodation block is offered while producing a current Rental yield of £351,000 Net or equivalent 11.1% Yield upon investment.

  • Total GIA of 694.15 sq m (7,476 sq ft)
  • Total gross income of £351,000pa for the 2023 /4 academic year (When fully Let)
  • Guide Price of £2.8m

 

Description

The property comprises of 25 studio units designed for single occupation. The units range in size from 15 square m to 22 square metres All the studios have kitchenettes, en-suite shower rooms, WC and wash basin and sufficient place for a desk and wardrobe.

The larger units accommodate double beds and the smaller units accommodate single beds. There is a total of 21 double rooms and 4 single rooms.

On the ground floor there is a reception and post room, plant room and communal facilities including common room, bike store, bin store, laundry room and W/C facilities.

There is a lift which services all of the accommodation. To the rear is an external covered shingled communal space.

The Accommodation is accessible to students from both Southampton University and Solent University.

The studios are supported by an on-site laundry, common area and roof terrace.

 

TENURE
Freehold.

TENANCIES

We have been provided with the Assured Shorthold Tenancy Agreements for all 25 studios and these reflect lettings for a full 12-month period which is slightly unusual as lettings for student accommodation are generally for a period of 41, 44 or 51 weeks.

 

PASSING RENT

Total Current Rent reserved £232,558 P.A. (equivalent)* with Eight Flats Vacant

Gross £29,250 per calendar month (£351,000 per annum) (When Fully Let)

 

LOCATION

The property is easily located using our what three words system and searching for diary.silly.energetic

Southampton is located on the south coast approximately 80 miles of London and is the largest commercial centre within the regional market. Portsmouth is located along the coast from the city, to the east with Bournemouth to the west. Winchester is located to the north of the city. Within the context of the south coast regional market Southampton dominates in terms of commercial floor space and is a vibrant and thriving city with a large student population.

The city is home to Southampton University, and The Solent University.

Major employers within the city include the University, Associated British Ports (ABP), Ordnance Survey, Southampton Airport and the City Council.

The economy is largely based around the service sector with tourism providing a key part of the economy with the city continuing to be a port for cruise ships. The city remains the largest freight port on the Channel coast and the fourth-largest UK port by tonnage. Southampton airport is located to the north of the city centre and south of Eastleigh.

The subject Property is located to the north of the city ,within walking distance of the amenities, and south of Royal South Hampshire Hospital which is a teaching hospital affiliated to the University of Southampton.

 

General location

The property is situated 500m south east of Solent University Campus and

1.7 miles south of University of Southampton Avenue Campus.

Unilink bus services run from West Quay,

There are a number of student halls of residence in close proximity to the subject, including Unilife Park House, Capital House and Liberty Quays.

 

SOUTHAMPTON STUDENT MARKET COMMENTS

The University of Southampton is a Russell Group university ranked 16 in the Good University Guide and Solent University is a former higher education establishment and ranked 119. The city is well regarded a University location and having two establishments it will have a greater appeal to the investment market. Solent University achieved university status in 2005 and has grown significantly since then and now offers a state of the art campus with some 10.500 students.

The latest statistics available suggest 26% of students are from Hampshire and the Isle of Wight, 56% are from the UK with 13% from the EU and 5% from outside of the EU.

The University is likely to continue to be dominated by UK students and therefore the affordability of accommodation may be more important compared to some establishments which have a higher percentage of international students who will often be prepared to pay more for accommodation looking for an operator who is well known.

The subject Property, given its proximity to Solent University, is likely to remain more attractive to students from this establishment because of the proximity to the campus. Southampton is home to more than 38,000 students studying at The University of Southampton and Southampton Solent University. It is a vibrant city with a unique waterfront location and a diverse student population, most of whom choose to live close to the centre and Oxford Street.

The property is available for sale under auction terms and conditions at a guide price of £2.8 Million Pounds.

The successful buyers shall pay 10% deposit under the auction contract.

Basic Facts

Date added: 30/01/24 Post Updated: 2024-02-27 09:41:54 Type: Status:
Bedrooms: 25 Bathrooms: 25 Area: 7476 sq ft

Features

11.1% Yield upon Investment
25 Self contained Studios
Freehold Investment Block
Total Current Rent Reserved £233000 p.a. (equivalent)* with Eight Flats Vacant

View on map / Neighborhood

This style property is located in Southampton is currently and has been listed on NALC Auctions. This property is listed at £ 2,800,000. It has 25 beds bedrooms, 25 baths bathrooms, and is 7476 sq ft. The property was built in year.