FOR SALE FREEHOLD STUDENT DEVELOPMENT OPPORTUNITY The Courtyard Let ty Street Cathays
n Self-contained courtyard development n Prime student location n Planning permission for student development n Large direct student catchment from Cardiff University ~ 30,000 students 2016/2017 n Freehold n Offers sought in region of 600,000 for the freehold interest in the property subject to contract. Location Cardiff with a population of circa 346,000 is the capital of Wales and lies 45 miles west of Bristol and 40 miles east of Swansea. There are numerous links to the M4 motorway, the quickest being the A48(M) link to J45, 8.5 miles to the northeast. The city is the administrative centre for Wales and the regional focus for the surrounding area with excellent rail and road links. Cardiff International Airport is approximately 10 miles to the west at Rhoose. SITUATION The Courtyard is located on the northern side of Letty Street in the residential Cathays district of Cardiff, approximately 1 mile to the north of Cardiff City centre. > Click on map for larger view. Cathays is an extremely popular student location. Letty Street is approached from either Fanny Street or Woodville Street and the area as a whole comprises a number of terraced Victorian dwellings, the majority of which have been converted into student houses and flats, servicing student demand given the close proximity of university campuses.
> Click on images for larger view. DESCRIPTION The property comprises a two-storey office building together with a single storey studio/workshop within a courtyard development. The development when completed will comprise 24 purpose-built, student bedrooms with ensuite bathrooms in four cluster flats with communal dining/living areas. There will be parking for four cars. A range of plans and other documents is available on request, or to download on: www.gva.co.uk/10319 ACCOMMODATION The property provides the following approximate net internal floor areas: Accommodation Sq m Sq ft Ground floor 89 958 First floor 100 1,076 Studio/Workshop 100 1,076 Storage 84 904 Total Net Internal Floor Area 373 4,014 The Courtyard site has an area of 0.073 ha (0.179 ac).
TENURE The property is offered on a freehold basis with vacant possession. MARKET COMMENTARY Over recent years, purpose-built student accommodation has become an established asset class for investors. It benefits from relatively secure, non-cyclical and diversified income streams. PLANNING The building has full planning permission dated 13/02/2015 under reference number 14/02212/MNR and by amendment dated 7/10/15 under reference number 14/01504/MNR. The permission is for 4 No. student cluster flats containing a total of 24 student bedrooms with ensuite bathrooms and communal living/dining areas. Copies of the planning permissions and the design & access statement are available on request or to download on www.gva.co.uk/10319
contact For further information, please contact: jack harber T 0117 988 5232 M 07825 099122 E jack.harber@gva.co.uk Andrew Capes T 0117 988 5234 M 07881 349989 E andrew.capes@gva.co.uk RATING & COUNCIL TAX The property is currently assessed for rates as follows: RATEABLE VALUE UBR (2016/17) rates PAYABLE (2016/17) Offices 19,500 0.486 9,477 Workshop/Studio 8,600 0.486 4,179 Stores 3,550 0.486 1,725 The property will be exempt from council tax once it is wholly occupied by full-time university or college students. However, prospective purchasers are advised to make their own enquiries of City of Cardiff Council. EPC On application. VAT We are informed that VAT will not be chargeable on the sale price. PROPOSAL Offers sought in region of 600,000 (Six hundred thousand pounds) for the freehold interest in the property, subject to contract. Subject to contract. Particulars dated March 2017. GVA 65 Gresham Street, London EC2V 7NQ GVA is the trading name of GVA Grimley Limited an Apleona company. 2017 GVA. March 2017. GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA.
> Click on map to return to main text.
> Click on map to return to main text.
THE COURTYARD > Click on plan to return to main text. THE COURTYARD gva.co.uk/10319