Home > Auctions > 1 March 2023 01 March 2023 - 9:00am > Lot 62

1 March 2023: Wednesday 01 March 2023 - 9:00am
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Property details

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    Key features

    • A substantial block comprising 120 beds with associated communal and kitchen space
    • Partially let investment at £301,156 p.a. (78 units let, 42 vacant)
    • Instant asset management potential in letting out the vacant units and improving the rent
    • Low capital value of £23,333 per bed
    • At the end of 2022 the property was achieving £345,351 p.a. (105 units let, 15 vacant)
    • Further development potential in developing/re-configuring the space into residential flats (subject to the requisite consents)
    • Asset management potential in the property being let to non-student occupiers (subject to the requisite consents)
    • In reasonable decorative order throughout
    • 6 week completion

    Description

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    The buildings are of traditional masonry construction with red brick elevations, and comprises 120 student bed spaces set over ground, first and second floors.

    The student accommodation is provided in a mix of non en-suite cluster flats and townhouses. There are shared kitchen and living room areas within each flat and townhouse. There is a communal courtyard area with picnic benches, on-site parking facilities, laundry room and secure bike storage.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note that the below has been provided by the vendor and taken from the management companies website.


    The property is split into 3 different types of accommodation.


    Classic rooms

    • Located in cluster flats and Houses
    • An approx. 10 sq. m per bedroom
    • Shared bathroom, kitchen/dining room and lounge
    • There is 67 types of these rooms


    Classic plus

    • Located in cluster flats and Houses
    • Shared bathroom, kitchen and lounge
    • There is 35 of these type of rooms


    Premium plus

    • Part of a 3 bedroom shared unit
    • Shared bathroom, kitchen and lounge
    • There is 18 of these types of rooms

    Total beds = 120

    Tenancy

    The occupied flats are held on AST's and a full tenancy schedule with associated documents can be found in the legal pack.


    Rent

    £301,156 p.a.

    Notes

    Please note, the site areas provided are approximate. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills, prospective purchasers must rely upon their own enquiries in this regard.


    Please also note, that at the time of print/auction the income and tenancies are reported to be correct.


    The Seller uses Derwent Facilities Management to provide a full student management service of the property which includes marketing, letting and facilities management.  The terms of the agreement are based on them being a group subsidiary and the agreement is an overarching one that covers not just this scheme but some of the Seller’s other portfolio. If the Buyer wishes to they can discuss continuing these services directly with Derwent FM, this is an option, but would be under commercial terms rather than those of a intracompany agreement.

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

        Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

        Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

        No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

        No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

        There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

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        Local information

        Derby is a city located in Derbyshire approximately 18.1 miles north-west of Loughborough, 34.7 miles east of Stoke-on-Trent and 40 miles south of Sheffield.

        The Property is located approximately 0.7 miles north-west of the city centre on Kedleston Street in the suburb of Darley.

        The University of Derby Britannia Mill Building can be found approximately 0.6 miles from the property, as well as both Markeaton Street and Kedleston Road campuses which are also within easy reach.

        There is a Unibus stop directly outside of the site with a service that runs every 10 minutes.

        Derby Station is situated approximately 1.6 miles from the property and offers National Rail services.

        Transport

        National Rail - Derby Station (Cross Country & EMR)

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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