Aigburth park. Liverpool. the Joint Administrators of Opal AIgburth Limited, in administration

Transcription

1 Aigburth park On the instructions of David Crawshaw and Robert Croxen of KPMG LLP, the Joint Administrators of Opal AIgburth Limited, in administration

2 Aigburth park, L17 7JQ Investment Summary Freehold 443 bedroom purpose built student accommodation property The scheme is made up of three blocks of accommodation; St Michaels, St Julies and the Trinity Building The scheme lies within a predominantly residential suburb of The property benefits from two leases to Hope University, both expiring 16 September 2024 (11.5 years remain). At expiry, the University has a right to buy back the asset for 1 Rent reviews are annual to RPI with a cap of 3.5% Strong residential under-pinning value Affordable student accommodation option There are approximately 54,780 full time students studying within. Of the full time students, only 30% are able to be accommodated in purpose built student accommodation Approximately 8,000 students studying at Hope University Derwent Living are the new manager and will operate the property for a fixed period of 3 years, subject to Landlord s options to break on 3 months notice Forecast gross rent of 1,306,063 for the 12/13 academic year

3 location The scheme, built on a 1.54 ha / 3.81 acre site in the suburb of Aigburth is approximately 3 miles to the south of city centre. The properties make up a substantial part of Hope University s - Aigburth Park campus. The Aigburth Park Campus is set within the St Michaels Hamlet conservation area. There is a dedicated University shuttle bus service to the main campus at Hope Park which takes between minutes and approximately 2.5 miles to the north east. Four trains per hour leave from St Michael s station for Moorfields station in the city centre providing access to the Creative Campus and city centre amenities. There are also public buses accessible at the eastern end of St Michaels Road with services to the city centre and past the main Hope Park campus. The surrounding area is predominantly residential.

4 UAY DALE ST ST LIVER WAPPING HA NOVER ST CHALONER ST SEFTON ST Lime Street Station RENSHAW ST GREA T GEORGE STREET PARLIAMENT ST BROWNLOW HILL John Moores University PARK PL University of CATHERINE ST A5039 B5175 PRINCESS RD B5175 B5177 WAVER T R E E RD B5174 A5089 TUNNEL RD LODGE LN SEFTON PARK RD B5178 A562 SMITHDOWN RD CROXTETH RD EDGE LANE PICTON RD ULLET RD A5089 TRAVEL TIMES B5178 GAINSBOROUGH RD A5 6 2 A5080 To Main University Campuses bus 15 mins to Hope University (Hope Park Campus) this is free and runs 4 times a day. 15 mins via no s 61 and 161 to Aigburth Park and Hope University (Hope Park Campus), 15 mins to University of via no mins to LJMU via no 82 walking 48 mins to John Moores University (main campus); 52 mins to University of (main campus); 1 hour 2 mins to Hope University (main campus) cycling 18 mins to University of (main campus); 16 mins to John Moores University (main campus); 19 mins to Hope University (main campus) Distance 2.6 miles to University of (main campus); 2.5 miles to John Moores University (main campus); 3.2 miles to Hope University (main campus) To City Centre RATHBONE RD B5179 HIGH ST Walking 1 hour 1 min Cycling - 24 mins Distance 3.1 miles To Central Station Walking 53 min Cycling - 20 mins Train 9 mins (every 15 mins) SMITHD O WN RD QUEENS DRIVE A5058 RD Hope University MENLOVE AVENUE BELVIDERE RD SEFT ON ST PAR K RD A561 ULLET RD A5089 ALGBURTH DR A562 RIVERSIDE DRIVE St Michael s AIGBURTH PARK AIGBURTH RD A561 MOSS LEY HILL DR VICTORIA R D A 5058 E LMSWOOD RD

5 8 6 7 to Vicarage Carfax St Michael's Church El Sub Sta Hamlet Cottage Area : ha (3.809 acres) The Lanterns The Hermitage 1 AD 20 College 24.4m 1b m The Cloisters Hope University College Aigburth Park 4 to m 1 to 3 13 to to 27 ST MICHAEL'S ROAD 16 to to to to 12 ST MICHAEL'S HAMLET 23.2m ST MICHAEL'S 17 Aigburth park CHURCH RO (flats 1 to 69) SUNBOURNE ROAD 1 MP.75 SP 0m 10m 20m 30m Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1:7500 Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1:1300

6 DESCRIPTION The scheme is made of three blocks of accommodation St Julies, St Michaels and the Trinity Building. St Julies is a traditional accommodation scheme of student flats providing 250 rooms in 27 flats with shared facilities and was built in Each flat has a kitchen and living room with a bath/shower rooms and a separate WC. A total of 27 bedrooms (1 in each flat) have been recently furnished as additional communal lounge areas at the request of the University. Therefore a total 223 lettable rooms can be allocated by the University to their students within this element. Heating is supplied to each flat via a wet radiator heating system driven by a large calorifying boiler at basement level below the flats. St Julies Accommodation Summary All rooms are provided as standard single bed spaces with wash basins included. St Michael s Accommodation Summary Flat Type Flats No of Beds 3 bed flat bed flat bed flat bed flat Total Flat Type Flats No of lettable Beds 8 bedroom flat (7 lettable) 9 bedroom flat (8 lettable) 10 bedroom flat (9 lettable) Total St Michaels comprises phase 2 of the development at Aigburth Park, opened in September The building was added in 2001/2002 to the southern end of the site providing a total of 220 new en-suite bedrooms configured as 3, 4, 5 and 6 bed cluster flats and are roughly equal size of 10.2m². The building is configured around a central courtyard from which all the flats are accessed off four stair core with external access in the corners of the courtyard. All rooms within St Michael s flats are provided as single ensuite cluster flats. The third building on site, The Trinity Building, is contemporary with the original halls and is a large single storey building with rotunda elevations to the northern end of the scheme. The building houses the student reception and additional ancillary spaces to include: Student reception, management suite and security office Large student common room with table top games, vending and projector screen with seating and sofas for approximately 100 (former Halls canteen) Large former kitchens and staff changing and administration areas (now in use as management stores coin operated laundry with 6 washers and 6 driers (relatively low proportion of machines to students) Computer room including 12 terminals (provided & maintained by the University) Unisex WCs (3 cubicles and 4 wash basins) We understand that the computer equipment within the computer room is provided and maintained by the University. Wall mounted CCTV system linked to management suite with secured gated access to site. The scheme is covered by 24 hour manned site security provided by 4 maintenance staff on rolling shift pattern. Car parking is available for circa 55 cars, 49 of the spaces are made available for students to rent. Bicycle store for approximately 60 bicycles located adjacent to the gated entrance. Access to the site is controlled by key fob to the perimeter access points on St Michaels Road and the access points for the St Michaels block and by traditional keys to the individual flats.

7 Income The property is subject to two leases with Hope University expiring 16 September The current income receivable from these leases for the 2012/13 academic year is 1,281, Rent reviews are on an annual basis to RPI, capped at 3.50%. The structure of the leases allows the University to purchase the freehold interest of the properties for a nominal price of 1 at expiry of the leases. The landlord retains responsibility for all repairs, maintenance and insurance whilst the tenant is responsible for utilities and internet costs. The leases are subject to a standard service level agreement. In practice the University control student allocations, grant individual tenancy agreements, receive rental payments and deposits and provide pastoral care for students at Aigburth Park. OPERATOR The property has historically been owned and operated by Opal. The operation of the property has been taken over by Derwent Facilities Management Limited (Derwent FM), a fully owned subsidiary of Derwent Living. Derwent Living is a not-for-profit organisation providing the full spectrum of support services to student, commercial and public sector property. Formed in 1964, Derwent has been operating for over 15 years in the student sector and currently operate over 4,000 student units. Derwent Living have a net worth of over 400m. Student Market is home to four main Higher Education providers; the University of, John Moores University, Hope University and Institute of Performing Arts. In summary there are a total of 54,780 full-time students within (HESA 11/12). ROOM TYPE NUMBER OF BEDS CONTRACT LENGTH AVERAGE RENT PER WEEK Standard Single Single En-Suite GROSS RENT FOR 2012/13 ACADEMIC YEAR 1,281,063 Of the 54,780 students, 43,610 (80%) are full-time and are likely to require student accommodation over the life of their studies. Of these full-time students, 38,145 (87%) are undergraduates and 5,465 (13%) are post-graduates. The total number of international students is 8,135 (19%) with 1,445 (18%) from inside the EU and 6,690 (82%) from non-eu countries. Sundry & Vending Income 25,000 Total Gross Income 1,306,063 Opal Budgeted Operational Costs 2012/13-301,000 Total Net Income 1,005,063 The University of is ranked 29th and John Moores is ranked 93rd in the Times Good University Guide Occupational demand for student accommodation in remains robust with an increase in full time student numbers of 6.1% from 2010/11 to 2011/12. In particular, has experienced an increase in international student numbers of 7.7% from 2010/11 to 2011/2012. Circa 10,226 (18%) full time students are offered accommodation by Universities in halls of residence. A further c6,090 (11%) of students are offered accommodation by private sector landlords in purpose built accommodation. Accordingly, c38,464 (70%) full time based Higher Education students are unable to access university or private sector purpose-built accommodation. hope university Hope University was re-constituted in 2005 and is the only ecumenical university in Europe with a current student population of just under 8,000. More than a quarter of the academics were entered for the 2008 Research Assessment Exercise - a higher proportion than most comparable institutions. The University was identified as producing world leading work in Theology and Appealed Social Sciences. The University has a dual campus in a world-class location - European Capital of Culture in The University provides an affordable, high quality student experience - is the second most cost effective student city in the UK (NatWest Student Living Index 2009) and Ranked first out of 15 Russell Group institutions for satisfaction with the cost of living, accommodation cost, financial support, assessment, feedback on coursework and visa advice (International Student Barometer 2008, i-graduate).

8 Aigburth park, L17 7JQ VAT The building is not elected for VAT. EPC RATING The EPC Energy Efficiency Rating for this residential property is C (64). CAPITAL ALLOWANCES We understand that unclaimed capital allowances of approximately 471,660 were available at year end 30th September Tenure The Property is held Freehold subject to a tenant s option to purchase the freehold for 1 at expiry of the lease. Planning Planning Consent was granted for phase 2 on 30th October 2001 under planning reference 99P/0276 To erect a part four storey/part three storey/ part two storey block containing 42 self-contained flats comprising 221 bedrooms for student residences; to lay out 28-space car park and associated landscaped area. Proposal Savills are instructed to seek unconditional offers for the freehold of the property by 12pm on the 7th June. Multiple Dwelling Relief may be applicable to a purchase of the property subject to further investigation. FURTHER INFORMATION For more information please contact: Marcus Roberts MRICS mroberts@savills.com James Hanmer MRICS jhanmer@savills.com Lizzie Whetman MRICS lwhetman@savills.com DATA ROOM The data room can be accessed via Important notice Savills, their clients and any joint agents 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 the 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. 05/ Savills (UK) Ltd 1st Floor Lansdowne House 57 Berkeley Square London W1J 6ER savills.co.uk