THE PRINTHOUSE. Freehold Student Accommodation Investment Opportunity

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Freehold Student Investment Opportunity THE PRINTHOUSE On behalf of the Joint Administrators of Valhalla Halls Limited (in administration) 99 bed, purpose-built, student accommodation scheme

1 Freehold Student Investment Opportunity THE PRINTHOUSE On behalf of the Joint Administrators of Valhalla Halls Limited (in administration) 99 bed, purpose-built, student accommodation scheme Loughborough town centre location Top 20 University as ranked by the Times Good University Guide Asset management and refurbishment opportunities Offers over 1.75m equivalent to 17,675 per bedroom

The Printhouse / 58-60 Woodgate / Loughborough / Leicestershire / LE11 2QD 52 NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not

54 NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not Location Situation Site Loughborough is the largest town in Leicestershire and has

The property is situated on the south west side of the town centre and fronts Woodgate close to its junction with the A6 (Leicester Road) which is the principal route through the town.

2 The Printhouse / Woodgate / Loughborough / Leicestershire / LE11 2QD 52 NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office Crown copyright licence number Savills (L&P) Limited. 54 NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office Crown copyright licence number Savills (L&P) Limited. Location Situation Site Loughborough is the largest town in Leicestershire and has a population of 55,000. Loughborough is approximately 66km (41miles) north east of Birmingham, 20km (12 miles) north of Leicester and 28km (18 miles) south of Nottingham. The property is situated on the south west side of the town centre and fronts Woodgate close to its junction with the A6 (Leicester Road) which is the principal route through the town. The site is outlined in red on the Ordnance Survey map. The town is located approximately 2.4km (1.5 miles) from Junction 23 of the M1, via the A512 (New Ashby Road). Loughborough train station is on the Midland Main Line and allows frequent rail access to London, Sheffield, Nottingham and Leeds. The East Midlands Airport is approximately 16km (10 miles) to the north. The property is within a short walk of the town centre and the main retail centre around Market Street and Market Place. The student scheme is accessed via a private road off Woodgate. The Printroom Cafe/Bar on the ground floor (outlined in blue on the plan) is accessed off Woodgate. The University of Loughborough is to the west side of the town and is easily accessed from the property via Forest Road and Epinal Way. Furthermore, a regular bus route runs between the town centre and the university campus. The area immediately surrounding the property comprises a mix of uses including offices, multi-storey car park, budget hotel, cinema, restaurant, retail and other student accommodation. Freehold Student Investment Opportunity

Description The Printhouse is an attractive 99-bed student accommodation scheme originally constructed in 2003.

Block A which fronts Woodgate, provides seven en-suite bedrooms and a single kitchen per floor.

Blocks A and B provide 28 and 71 bedrooms, respectively, and can be broken down as follows: Block Single bed en-suites Double bed en-suites Double Studios Totals Kitchens / Floor A 28 28 1 B 54 12 5

3 Description The Printhouse is an attractive 99-bed student accommodation scheme originally constructed in The scheme is divided between Blocks A and B, built over five and six storeys, respectively, and served by a common stairwell and lift. Block A which fronts Woodgate, provides seven en-suite bedrooms and a single kitchen per floor. With the exception of the ground floor, Block B provides 12 en-suite bedrooms, one studio and two kitchens per floor. Blocks A and B provide 28 and 71 bedrooms, respectively, and can be broken down as follows: Block Single bed en-suites Double bed en-suites Double Studios Totals Kitchens / Floor A B At ground floor, Block A houses the Printroom restaurant which is let on a long lease (virtual freehold). At the same level, Block B provides a reception and common room area, management office, laundry, internal bicycle store and six bedrooms and a kitchen. The scope exists to refurbish the property with a view to repositioning the asset in the local student accommodation market. There may also be the potential to redevelop the property for alternative uses including hotel, care home, social housing or other residential uses subject to receiving the necessary consents. Total Freehold Student Investment Opportunity

4 Planning The property originally received planning permission for student accommodation with bar at ground floor in 2002 (Charnwood Borough Council Ref P/02/1767/2). In 2009, planning permission was granted for 21 rooms and three kitchens in Block A to be used as overnight guest accommodation. Tenancy Details Rooms in Block B are let to students on assured shorthold tenancies. At the time of publication, 55 rooms were let on this basis. Rooms in Block A are occupied under a licence arrangement to either students or workers. Occupancy varies on a week to week basis but at the time of publication 18 rooms were occupied on this basis. Gross income for the scheme from 1st Nov 2011 to 31st Oct 2012 was 317,558. Potential Income - assuming 100% student let Assuming the scheme is fully let to students at competitive rents of 75 per week for the single en-suites, for rooms with double beds and 110 per week for the studios over a 42 week contract term, the estimated base rental value for the 2013 / 2014 academic year is 323,000 before any longer term contracts, ancillary and holiday income or refurbishment. Potential Income - assuming optional mix of student and overnight lets Assumming revenue of per bed per night and an occupancy rate of 60% then the total annual revenue for the 21 overnight bedrooms in Block A is estimated at circa 135,670. If this revenue is then added to the revenue generated from the 78 remaining student bedrooms then there could be the potential to generate total gross revenue of circa 390,000 from the property. Operational Management The scheme is run by Valhalla Halls Ltd (in administration) on a direct let basis. The scheme is registered with the University of Loughborough and features on its housing website. Rents are charged on an inclusive basis including a broadband internet service by Ask 4. Tenure Freehold subject to long leases on the restaurant unit and sub-station and the occupational tenancies and licences. Loughborough Student Demand/Supply Dynamics Total full time students: circa 13,800 University stock: circa 5,600 Private halls: circa 900 Potential pipeline: circa 170 Total supply of purpose-built student accommodation: circa 6,760 Ratio of F/T students to PBSA: 2.06 Current supply/demand: 48% Price Offers in excess of 1.75million are invited for the freehold interest in the property. Investment Summary Loughborough University is recognised as a leader in the field of sports education, research and performance and has attracted an international reputation. Loughborough University is ranked 20th in the Times Good University Guide and has been voted as offering the UK s Best University Experience by the Times Higher Education for five years running. Student accommodation continues to be a resilient asset class in the current economic climate, generally underpinned by good levels of occupancy and rental growth prospects. The scheme offers the opportunity to add value through active asset management and refurbishment. Freehold Student Investment Opportunity

5 Loughborough University Loughborough College The Printhouse Loughborough Town Centre

6 THE PRINTHOUSE Additional Information The following additional information can be provided: Further Information To discuss this opportunity further, please contact the joint selling agents. Floor plans EPCs Planning Permissions Standard leases and licences Tenancy schedule Gross revenue 1st Nov 2011 to 31st Oct 2012 Bruce Patrick +44 (0) Rupert Wyard +44 (0) or +44 (0) F L Taylor is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales and T M Burton and R H Kelly are licensed to act as Insolvency Practitioners in the UK by the Institute of Chartered Accountants of Scotland. The affairs, business and property of Valhalla Halls Limited are being managed by the Joint Administrators, T M Burton, R H Kelly and F L Taylor. The Joint Administrators act as agents of the Companies only and without personal liability. The agents for themselves and for vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants 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; (iii) no person in the employment of the agents has any authority to make or give any representation or warranty whatever in relation to this property. March 2013.

Oxford Court. 46 Oxford Street, Leicester, LE1 5XX STUDENT ACCOMMODATION INVESTMENT OPPORTUNITY

Oxford Court. 46 Oxford Street, Leicester, LE1 5XX STUDENT ACCOMMODATION INVESTMENT OPPORTUNITY Oxford Court 46 Oxford Street, Leicester, LE1 5XX STUDENT ACCOMMODATION INVESTMENT OPPORTUNITY Oxford Court Leicester INVESTMENT SUMMARY An opportunity to invest in a freehold prime fully operational student