INVESTMENT FOR SALE Chelmsford, Essex

Transcription

1 INVESTMENT FOR SALE Chelmsford, Essex ww.b Navigation Road, Chelmsford, Essex, CM2 6ND Price: 14,734,000 Net initial yield: 6.5% Net investment value Student accommodation funding opportunity Proposed 170 bed direct let development Practical completion Sept 2018 Close to Anglia Ruskin University, City centre & train station High projected growth in student numbers City facing supply shortage Voted by the Estates Gazette Most Active Regional Agent in Cambridgeshire 2012, 2013, 2014, 2015

2 LOCATION Chelmsford is the county town of Essex and is located approximately 30 miles north east of central London. There is an affluent resident population of 168,310 (2010) which grew at a rate of 7.3% in the previous 10 years. It has a thriving and well balanced local economy and is a popular commuter town with a train journey time to London of minutes. The subject property is located on Navigation Road which is around 0.9 miles / 18 mins walk from Anglia Ruskin University and 0.7 miles / 14 mins walk from Chelmsford train station. DESCRIPTION The proposed development will offer 170 bedrooms within three blocks, including single study bedrooms (13.4 sq m), studio bedrooms (19.7 sq m) and accessible bedrooms (19.7 sq m). The breakdown of the accommodation is as follows: Block A (2.5 storey) 32 bedrooms (incl. 2 accessible + 1 studio) Block B (3.5 storey) 70 bedrooms (incl. 4 accessible + 2 studio) Block C (3.5 storey) 68 bedrooms (incl. 16 studios) TOTAL: 170 bedrooms Phase 1 = 102 bedrooms Phase 2 = 68 bedrooms Site area = 3,947 sq m / 0.98 acres All measurements above are approximate. PLANNING A full planning application is to be submitted by the end of July Chelmsford City Council has been consulted and is in principal in favour of the proposed development. STUDENT ACCOMMODATION MARKET Anglia Ruskin University (ARU) has campuses in Chelmsford, Cambridge and Peterborough. It currently has 5,291 students in Chelmsford which is projected to rise to 6,450 in 2017 and 9,000 plus in There is currently no surplus student accommodation in Chelmsford to meet with the above projected growth. ARU has published a Corporate plan setting out it s proposals from : ARU is working on its latest plan to cover detail up to 2020, to be published in late PROPOSAL A speculative funding opportunity is available. Our client is seeking a funding partner on the basis of a full funding comprising an initial site payment and construction finance. The proposal is based off a direct let rental of 160 per week and a fixed net initial yield of 6.5%. This shows an approximate net investment value of 14,734,000. VAT VAT will be chargeable on the purchase price. LEGAL COSTS Each party to bear their own legal costs. FURTHER INFORMATION For further information on the proposed specification, plans and elevations, and development appraisal please contact: Barker Storey Matthews Ben Green bg@bsm.uk.com (01223) or Steve Hawkins sph@bsm.uk.com (01733) BG / Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No These particulars do not constitute or form any part of an offer or contract nor may and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. Where appropriate or stated IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at:

3 Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No These particulars do not constitute or form any part of an offer or contract nor may and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at:

4 Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No These particulars do not constitute or form any part of an offer or contract nor may and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at:

5 ORDNANCE SURVEY PLAN THIS PLAN IS REPRODUCED FROM THE ORDNANCE SURVEY MAP WITH THE PERMISSION OF THE CONTROLLER OF HER MAJESTY S STATIONERY OFFICE, CROWN COPYRIGHT RESERVED. THIS PLAN IS PUBLISHED FOR IDENTIFICATION PURPOSES ONLY AND ALTHOUGH BELIEVED TO BE CORRECT, ITS ACCURACY IS NOT GUARANTEED AND IT DOES NOT FORM PART OF ANY CONTRACT. LICENCE NO