CORMORANT
CORMORANT INVESTMENT OVERVIEW PRICE LIST RENTAL ASSURANCE P6-7 P8-9 P10-11 PROPERTY SPECIFICATION P12-13 LOCATION SUPPLY V DEMAND COMPARABLE ACCOMMODATION THE DEVELOPER RENTAL MANAGER P14-15 P16-17 P18-19 P20-21 P22-23 EDUCATIONAL INSTITUTIONS UK STUDENT MARKET PURCHASE PROCESS OPTIONS DISCLAIMER P24-27 P28-29 P30-31 P32-33 P34-35 2 CORMORANT, 3
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INVESTMENT OVERVIEW APARTMENTS FROM 57,995 Cormorant House is a new purpose built student accommodation development, bringing 168 luxury studio apartments to the heavily undersupplied student accommodation market in Huddersfield. 9% NET RENTAL RETURN 5 YEAR RENTAL ASSURANCE 5% INTEREST ON DEPOSIT SPECIALIST OPERATOR LEASEHOLD TENURE 250-YEAR LEASE COMPLETION SCHEDULED Q1 2018 48,000 MORE THAN STUDENTS IN 6 CORMORANT, 7
PRICE FLOOR TOWN SIDE WATER SIDE ACCESSIBLE TOWN SIDE ACCESSIBLE WATER SIDE TOWN SIDE DOUBLE WATER SIDE DOUBLE LIST 1 57,995 58,495 58,495 58,995 N/A N/A 2 57,995 58,495 N/A N/A N/A N/A 3 59,995 60,495 60,495 60,995 N/A N/A 4 61,995 62,495 62,495 62,995 N/A N/A 5 61,995 62,495 62,495 62,995 N/A N/A 6 62,995 63,495 63,495 N/A N/A 63,995 7 64,995 65,495 N/A N/A 65,495 65,995 8 65,495 65,995 N/A N/A 65,995 66,495 9 65,995 66,495 N/A N/A N/A N/A 8 CORMORANT, 9
RENTAL ASSURANCE TOWN SIDE WATER SIDE INVESTMENT TYPE ACCESSIBLE TOWN SIDE ACCESSIBLE WATER SIDE TOWN SIDE DOUBLE WATER SIDE DOUBLE Cormorant House provides purchasers with a 9% NET rental return, complete with a 5 year rental assurance*. (BASED ON APARTMENT 1.13) 57,995 (BASED ON APARTMENT 1.01) 58,495 (BASED ON APARTMENT 1.15) 58,495 (BASED ON APARTMENT 1.08) 58,995 (BASED ON APARTMENT 7.15) 65,495 (BASED ON APARTMENT 6.08) 63,995 RENTAL ASSURANCE* 9% NET RENTAL RETURN 9% NET 9% NET 9% NET 9% NET 9% NET RENTAL RETURN RENTAL RETURN RENTAL RETURN RENTAL RETURN RENTAL RETURN 5,219.55 5,264.55 5,264.55 5,309.55 5,894.55 5,759.55 PER ANNUM FOR 5 YEARS PER ANNUM FOR 5 YEARS PER ANNUM FOR 5 YEARS PER ANNUM FOR 5 YEARS PER ANNUM FOR 5 YEARS PER ANNUM FOR 5 YEARS * The developer is contracted to provide the rental assurance, details of which will be confirmed by the solicitors acting for the purchaser ** ROI - Return on investment 45% ROI** 45% ROI** TOTAL RETURN 45% ROI** 45% ROI** 45% ROI** 45% ROI** 26,097.75 26,322.75 26,322.75 26,547.75 29,472.75 28,797.75 10 CORMORANT, 11
PROPERTY SPECIFICATION 168 APARTMENTS NEXT TO KIRKLEES COLLEGE 0.49 MILES FROM UNIVERSITY OF EN-SUITE SHOWER ROOM & KITCHENETTE WATERSIDE LOCATION FURNISHED INCLUDING DOUBLE BED RECEPTION AREA & LAUNDRY FACILITIES CAR PARKING GAMES & TV SUITE, & GYM 12 CORMORANT, 13
1 Kirklees College 2 University of Huddersfield 3 Kingsgate Shopping Centre LOCATION 4 205 metres Greenhead College 5 0.49 miles Huddersfield Train Station 0.52 miles Huddersfield New College 0.40 miles 0.51 miles 2.16 miles NEW COLLEGE 5 4 STATION Direct routes to Manchester, Liverpool, Leeds & Newcastle 3 WALK TO UNIVERSITY 0.6 Miles 2 UNIVERSITY OF 24,920 Students CORMORANT, Manchester Road, Huddersfield 1 KIRKLEES COLLEGE 18,000 Students 14 CORMORANT, 15
DEMAND VS SUPPLY With a large student population and a limited number of purpose built student accommodation available, Huddersfield is facing a continuing undersupply of student accommodation. 10,773 FULL-TIME STUDENTS NEED ACCOMMODATION ONLY 5,667+ BEDS AVAILABLE IS FORECAST TO BE UNDERSUPPLIED BY c.5,106 BEDS All information collated on 04/11/06 and was correct at the time of publication Full-time Undergraduates Full-time Postgraduates Total Full-time Students Distance Students = 30% Suggested Number of Students Requiring Accommodation in Huddersfield Cormorant House Snow Island Big Aspley Little Aspley Saw Mill Knightsbridge Storthes Hall Park Ashenhurst Houses Kingfisher Court Firth Point Castings House Palace Studios Kirkgate Residence Huddersfield Central Living Huddersfield Waterfront (Planned) TOTAL DEMAND SUPPLY 13,800 1,590 15,390 4,617 10,773 168 427 471 256 378 653 1,386 279 252 196 653 110 100+ 34 304 5,667+ 16 CORMORANT, 17
COMPARABLE ACCOMMODATION CORMORANT STUDENT S EN-SUITE ROOMS WEEKLY RENT: FROM 135 LITTLE ASPLEY (BRONZE) FROM 183.00 51 WEEKS SOLD OUT LITTLE ASPLEY (SILVER PLUS) FROM 119.00 44 WEEKS SOLD OUT TENANCY LENGTH: 51 WEEKS BIG ASPLEY (BRONZE) FROM 189.00 51 WEEKS SOLD OUT BIG ASPLEY (SILVER) FROM 115.00 44 WEEKS AVAILABLE STUDENT S BIG ASPLEY (SILVER) FROM 199.00 51 WEEKS SOLD OUT BIG ASPLEY (SILVER PLUS) FROM 125.00 44 WEEKS SOLD OUT All information collated on 04/11/06 and was correct at the time of publication SAW MILL (CLASSIC) CASTINGS (SILVER) FOR 175.00 FROM 155.00 51 WEEKS 51 WEEKS SOLD OUT SOLD OUT SAW MILL (CLASSIC) CASTINGS (SILVER PLUS) 122.00 114.00 FROM 125.00 44 WEEKS 51 WEEKS 44 WEEKS AVAILABLE AVAILABLE 18 CORMORANT, 19
THE DEVELOPER PREVIOUS MEDERCO DEVELOPMENTS: KINGFISHER COURT APPLETON POINT BRADFORD The developer of Cormorant House is Mederco; incorporated in 2011 specifically for developing high quality student accommodation. The company sits alongside Rainbow Homes Ltd., which develops residential housing in the North and North West England and has become one of the leading and fastest growing house builders in the area. Mederco has stood behind a number of high profile student accommodation developments in the North of England in recent years, with Appleton Point in Bradford and Kingfisher House in Huddersfield providing new accommodation in undersupplied markets. With Cormorant House, Mederco is set to build on their portfolio in Huddersfield, helping to provide new accommodation to meet supply in this growing university town. Providing 252 purpose built student sudio apartments in Huddersfield, Kingfisher Court is due to complete in Q1 2017, ready for the 2017/18 academic year. EMPRESS MILLS TRAWDEN, LANCS. 28 high specification houses and 12 luxury apartments, converted from a former mill Located in one of Bradford s most desirable student areas, Appleton Point provides 160 student studio apartments for the city and was completed in 2014. STATION COURT THORNE, DONCASTER Residential development of 15 apartments and 24 houses 20 CORMORANT, 21
RENTAL MANAGER KINGFISHER COURT DEVELOPMENTS MANAGED: 8 AT PROVINCIAL RESIDENTIAL APARTMENTS BOLTON CARDIFF Rent on Time will be acting as the rental managers for Cormorant House, following their success at the Studio 8 developments in Bolton and Barnsley. Their management service is designed to offer you peace of mind, making sure that all stages of the tenancy process are taken care of. All of their staff hold National Federation of Property Professionals (NFOPP) qualifications and they are members of the Property Ombudsman. Rent on Time s Rental Insurance, underwritten by Europe s second largest insurer, provides you with a safety net when it comes to recovering rent. Rent on Time have been signed up as the rental managers for Mederco s latest student development, Kingfisher Court. They have already started their marketing process to ensure maximum occupancy for the start of the 2017/18 academic year. All 68 studios were reserved within 7 weeks of marketing. The average rental price in the Bolton for a 2-bed is 450 a month. They achieved rents up to 595 a month for a studio without parking facilities. All 94 units at the development were occupied within 6 weeks of completion. Through their contract with an international student referral company, they can ensure the best possible rent for the area. They work hard to make sure that your unit is occupied at all times, with properties advertised on the UK s largest property websites including Rightmove, Zoopla and PrimeLocation. 22 CORMORANT, 23
UNIVERSITY OF Located in the heart of the town centre, the University of Huddersfield has nearly 25,000 students enrolled in courses at the institution. EST 1825 80M INVESTED OVER THE LAST 10 YEARS AND FURTHER 100M PLANNED RANKED 6TH IN THE UK FOR ITS GRADUATE LEVEL EMPLOYMENT, HIGHER THAN OXFORD OR CAMBRIDGE 24,920 STUDENTS ENROLLED 13% RANKED IN THE SUNDAY TIMES TOP 20 FOR OF STUDENTS ARE FROM OVERSEAS GRADUATE LEVEL EMPLOYMENT 27.5M OASTLER BUILDING HOME TO LAW SCHOOL, SCHOOL OF MUSIC, HUMANITIES AND MEDIA 24 CORMORANT, 25
KIRKLEES COLLEGE Standing as one of Huddersfield s newest architectural landmarks, Kirklees College is one of the town s primary educational institutions. 18,000 STUDENTS ENROLLED OFFERS DEGREE PROGRAMMES ACCREDITED BY THE UNIVERSITY OF EST 2008 ONE OF THE BIGGEST COLLEGES IN THE UK NEW 85M CAMPUS LOCATED NEXT TO CORMORANT 26 CORMORANT, 27
Huddersfield is the 10th largest town in the UK and is located between the Northern Powerhouse cities of Leeds and Manchester. HAS A POPULATION OF 146,234 IS THE 10th LARGEST TOWN IN THE UK IS HOME TO FOUR MAJOR EDUCATIONAL INSTITUTIONS UNIVERSITY OF KIRKLEES COLLEGE GREENHEAD COLLEGE NEW COLLEGE IS HOME TO NEARLY 48,700 STUDENTS EXCELLENT TRANSPORT LINKS VIA RAIL AND ROAD TO: LEEDS LONDON MANCHESTER SHEFFIELD 28 CORMORANT, 29
UK STUDENT MARKET The UK has one of the largest and most prestigious university and higher education systems in the world. With more than 2.3 million students studying in the UK, there is a large demand for student accommodation. According to Knight Frank, there is a structural undersupply of student accommodation within the UK. Overseas students are a major driver for Purpose Built Student Accommodation (PBSA), with the size of this group expected to rise by 15-20% in the UK over the next 5 years. 2.3M STUDENTS IN THE UK NEARLY 1/4 OF STUDENTS IN THE UK ARE INTERNATIONAL STUDENTS A RECORD 600,000 APPLICATIONS MADE TO UK UNIVERSITIES FOR 2016/17 30 CORMORANT, 31
PURCHASE PROCESS RESERVATION Reservation form completed & 5,000 non-refundable fee paid and deducted from the deposit on exchange SOLICITORS INSTRUCTED Solicitors instructed, legal pack sent out & anti-money laundering process completed EXCHANGE OF CONTRACTS 50% of purchase price paid to solicitors & contracts exchanged within 28 days of reservation LEGAL COMPLETION The remaining 50% of the purchase price is paid, the purchase is completed & Title Deeds registered with the UK Land Registry 32 CORMORANT, 33
DISCLAIMER 1. This information is and remains the property of the Master Agent is made available to the addressee subject to the terms and conditions of this Disclaimer. A copy of this information is made available to you for your personal use and must not be given, shared or communicated with any other person except for your own professional advisors for the sole purpose of obtaining their advice. 2. The Agent and the Master Agent endeavour to provide accurate, up to date and complete information but makes no warranties or representations as to the accuracy, reliability or completeness or otherwise of the information contained herein. The Master Agent assumes no responsibility or liability for any omissions or errors contained in the information. 3. The Agent acts as a sub-agent to the Master Agent; specifically, the Master Agent accepts no liability to the Purchaser for fraudulent misrepresentation made by the Agent. 4. The Master Agent acts as an agent for the Developer and as such accepts no liability to the Purchaser. Further and in any event, if notwithstanding this provision liability is established against the Master Agent, then it is agreed that the total maximum amount of such liability is limited to and shall not under any circumstances exceed the amount of the net Reservation Fee of any reservations made. 5. Purchasers are required to conduct their own due diligence and make their own judgement on the property being offered. Purchasers must verify the information and any speculative information offered by the Agent and the Master Agent. Purchasers are strongly recommended to perform their own financial and legal assessment of any opportunity prior to making any commitment to participate. 6. Neither the Agent nor the Master Agent provides or offers an opinion as to whether a particular property is appropriate for a particular individual and owes no duty of care to the Purchaser. 7. The Agent and the Master Agent, respectively, each offer only an opinion on the opportunity in general terms and in relation to the market as a whole. Neither the Agent nor the Master Agent is able to comment on or give opinions on the strength or validity of any bond or insurance policy and Purchasers are strongly recommended to perform their own diligence and seek legal opinion. 8. Neither the Agent nor the Master Agent accepts any responsibility for amendments to or changes in rates of taxation, introduction of new taxes, changes to existing legislation or the introduction of new legislation or any matters relating to the final contractual arrangements for any purchase. 9. The Purchaser may be liable for property-related taxes in connection with property purchases and ownership in addition to any ongoing personal or corporate taxation which may apply; for the avoidance of doubt, neither the Agent nor the Master Agent shall have any liability for such taxes. 10. Where rental assurances or guarantees are offered as part of the purchase, the Developer will contract directly with the Purchaser to assure the rental income at the specified rate and for the specified duration, but this is not supported by an insurance policy, bond or bank, unless specified, nor is this warranted or supported by the Agent or the Master Agent. 11. Descriptions of property, homes, buildings, locations or Development particulars, specifications and pictures and artists impressions of any property, home, building, location or Development are given in good faith and believed to be correct, but they do not form part of any offer or solicitation and are intended only as a general guide. Neither the Agent nor the Master Agent controls the building or development of any project. 12. All descriptions are intended only as a general guide and are not to be relied upon by the Purchaser or by any other interested parties as a statement or representation of fact and the Purchaser or any interested parties should satisfy themselves by inspection or otherwise. 13. The Purchaser acknowledges that Developers reserve the right to alter plans, designs and specifications at any time without prior notice. Therefore, neither the Agent nor the Master Agent will be responsible for such changes. 14. The Agent and the Master Agent have endeavoured to provide the highest quality information, backed up by substantial experience and proven evidence from the marketplace. However, individual interpretation of information may vary, and individual circumstances, skills, abilities, knowledge and attitude play an important part in achieving a particular outcome. In addition, the future behaviour of the property market may not follow past experience, either, internationally, nationally or locally. For this reason, Neither the Agent nor the Master Agent warrants, guarantees or promises that Purchaser will make a profit from any property transaction entered into, whether as a result of acting on information contained within this document or otherwise. As with any purchase, this may result in a loss. 15. Where applicable, as in the case of a consumer and not a business customer ( Consumer ) the Consumer Protection from Unfair Trading Regulations 2008 and the Consumer Protection (Amendment) Regulations 2014 (singly or together the CPR ) which prohibit unfair practices, shall apply. To satisfy the obligations under the CPR, the sales particulars have been prepared by the Master Agent upon the instruction of the Developer and in accordance with these Regulations. The sales particulars are produced in good faith and are not intended to form part of a contract. Where the CPR apply, the Consumer may, without giving reason, cancel this Agreement within 14 (fourteen) days from the day it was signed. Such cancellation must be in writing and may either be in the Consumer s own words, or he / she may ask the Master Agent for a form of cancellation notice. For the avoidance of doubt, if the Consumer cancels, the Developer must re-pay the Reservation Fee to the Consumer 16. Neither the Agent nor the Master Agent is authorised or regulated by the Financial Conduct Authority ( FCA ) and as such neither is permitted to offer financial advice about investments, whether regulated or unregulated; accordingly, neither the Agent nor the Master Agent offers financial advice. In case of queries or doubt, Purchaser and any other interested parties should consult an FCA-regulated Independent Financial Advisor. 34 CORMORANT, 35