For Sale Student Accommodation Investment Opportunity Bower Terrace, 29 Tonbridge Road, Maidstone, ME16 8SH Freehold for sale on behalf of RJ Goode and NJ Pask acting as Joint Fixed Charge Receivers. Subject to Contract February 2013 gva.co.uk/bowerterrace
Investment summary 114 en-suite bedrooms arranged as 5 8 bedroom cluster apartments Modern purpose built student accommodation constructed circa 2006. Rent roll of approximately 197,779 per annum with potential for growth Current occupancy level stands at 48% Projected operating costs for 2012/2013 stand at approximately 185,587 per annum EPC rating C for the main accommodation & and an EPC rating of E for the reception.
Location Bower Terrace is located in Maidstone approximately 24 miles to the south of Dartford and 36 miles to the south east of central London. The site itself is situated on Tonbridge Road (A26) approximately half a mile from Maidstone West train station and a ten minute walk from Maidstone town centre. Maidstone West provides regular services into London St Pancras and London Charing Cross in approximately 1hr 30mins. Maidstone provides a mixture of leisure and retail amenities and many cultural attractions. Nearby colleges include University for the Creative Arts, MidKent College and the European School of Osteopathy.
Description Constructed circa 2006, Bower Terrace comprises a purpose built L shaped building configured around a courtyard and arranged over 3 floors. Accommodation includes 114 en-suite bedrooms arranged as 15 cluster flats with 5 8 bedrooms per apartment. Each cluster flat provides a communal kitchen. A stand alone single storey building on the site provides a warden s office, common room, laundry room, disabled WC and plant room. The site provides car parking and a row of bicycle racks. The site extends to approximately 0.56 acres (0.23ha). Management contract The property is managed by GVA Grimley Limited on a full spectrum basis. A copy of the terms of the management agreement will be available via an online portal. Specification All the rooms contain single beds, however 4 rooms have been adapted for wheelchair users. Each bedroom is fully furnished and provides a bed, wardrobe, desk and bathroom with WC, shower and washbasin. Standard room size is approximately 113 sq ft. Each cluster flat has a communal kitchen and living/ dining room area of approximately 235 sq ft. Fittings include an electronic cooker, fridge, freezer, dishwasher, seating and LCD television. Wider facilities include broadband access, limited bike storage, a laundry room and a common room.
Occupancy The apartments are occupied by way of residential AST agreement. A sample AST is available on the online information portal. We understand the current occupancy level to stand at approximately 48% thus there is potential for further growth. Income and expenditure Current room rates range from 90 97.50 per week. Secured rent, room rates and estimated operating costs for this academic year are cited below. Sundry income is also generated through extended and summer lettings, vending machines and laundry facilities. Bower Terrace FY 12/13 Occupancy Levels 48% Average room rent (per week) * 90 Gross rent (per annum) 197,779 Estimated operating costs (p.a.) 185.587 Estimated operating costs (per bed) 1,628 *Tenancies range from 6-52 weeks. Title Bower Terrace is held freehold under title number K904590. A legal pack is located on the online portal, however we would advise that interested parties undertake their own title and legal due diligence. Planning Full planning permission for the development was granted under application MA/05/1950. All interested parties are requested to make any further enquires through Maidstone Borough Council. Basis of disposal and asking price The property and fixtures and fittings are to be sold as seen, excluding any warranties or indemnities and without the Receivers accepting any personal liability. Please make your legal advisor aware of this. We are marketing without a guide price and invite all written offers. All offers are to be accompanied by proof of funding from a recognised bank or financial institution and solicitors details. Only offers received on this basis will be considered. VAT VAT will not be payable on the purchase price. Subject to Contract February 2013
London West End 10 Stratton Street London W1J 8JR London City 80 Cheapside London EC2V 6EE Belfast Rose Building Third Floor 16 Howard Street Belfast BT1 6PA Birmingham 3 Brindleyplace Birmingham B1 2JB Bristol St Catherine s Court Berkeley Place Bristol BS8 1BQ Cardiff One Kingsway Cardiff CF10 3AN Glasgow 206 St Vincent Street Glasgow G2 5SG Leeds City Point First Floor 29 King Street Leeds LS1 2HL Liverpool Mercury Court Tithebarn Street Liverpool L2 2QP Manchester 81 Fountain Street Manchester M2 2EE Newcastle Central Square Forth Street Newcastle upon Tyne NE1 3PJ Edinburgh Quayside House 127 Fountainbridge Edinburgh EH3 9QG Published by GVA - 10 Stratton Street, London W1J 8JR 2013 Copyright GVA GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com Viewing strictly by appointment only For further information or to request a viewing, please contact; Jamie Lamond 020 7911 2123 jamie.lamond@gva.co.uk GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that:1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. January 2013. 08449 02 03 04 gva.co.uk/recovery 09001