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26 & 27 February 2025 27 February 2025 - 9:00am >
Lot 141
26 & 27 February 2025: Thursday 27 February 2025 - 9:00am
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Guide price
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Hammer price
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Key features
- Student Hall investment opportunity comprising of 181 bedrooms and associated kitchens, bathrooms and common rooms
- Asset management potential to increase the passing income
- Development potential to convert into multiple dwellings (subject to the requisite consents)
- Located an approx. 140 metres from Cricklewood station
- Significant capital investment in the property of £770,000 in 2023/24 academic year and £800,000 in 2024/25 academic year
- Low PBSA value of £55,248 per a bed on guide price
- An approx. 5,286 sqm (56,897 sq ft) low capital values of £175.75 per a sq ft on guide
- Forecast gross rental receipts of £1,175,670 p.a. for 2024/25 academic year (11.75% GIY on guide) Not including short term summer lets. Income for the summer of 2024 was £164,000
- By Order of Middlesex University
- Investment let on a lease to Middlesex University at £600,000 p.a. (6% GIY on Guide) Reversion 1st October 2025
Description
Please Click here for Ivy Hall website link
Ivy Hall is a four storey building comprising of basement car park and accommodation over ground, first and second floor. There is 181 bedrooms of varying sizes with associated communal space (kitchens, bathrooms and communal space) split across 14 blocks
- 121 Standard non- ensuites - let at £174.72 per a week
- 11 Standard Large - let at £180.53 per a week
- 29 Ensuite - let at £194.25 per a week
- 20 Ensite large - let at £198.87 per a week
There is also currently 12 car parking spaces marked out in the basement with scope to increase this.
On completion Middlesex University will have a lease on the property until 1st October 2025 and will be paying an equivalent rent of £600,000 p.a. Therefore the current tenancies will continue to be managed by Middlesex University.
The property is currently let to the Students of the University on 40 week Licence's and provides a gross income of £1,175,670 p.a. with an option to extend beyond the 40 week Licences to a 50 week Licence's. In the Summer of 2024 there was an additional rental income of £164,000 through existing tenants extending their leases and short term lets from alternative tenant profiles.
The site offers asset management potential to increase the passing income. There is also underlying residential development potential to convert the property into multiple dwellings (subject to the requisite consents)
Additional information
Tenure
Freehold
Accommodation
Please note Savills has not measured the property and no reliance can be provided on the floor plans. We have taken the following measurements from the EPC register.
181 rooms and associated common rooms, kitchens and bathrooms
An approx. 5,286 sqm (56,897 sq ft)
Tenancy
The property will be let on a lease from completion to Middlesex University at the equivalent rent £600,000 p.a.
Reversion will be on the 1st October 2025
The rent will be paid on a monthly basis from completion until lease end on the 1st October 2025.
Rent
£600,000 p.a.
Notes
Joint Agent
Richard McKenna
Savills - Director, UK student Investments & Development
Mob: 07972000092
Email: RMcKenna@savills.com
Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.
Viewings
Viewing dates are available on the lot page. If you wish to attend, you must register by clicking the "Book a Viewing" button and registering for one of the dates. If you do not register for a viewing you may not be permitted access to the property.
All viewings start and end strictly at the advertised times. A representative of Savills will provide access, please do not access the site without our representative.
Attendees details will be requested to confirm that registration in advance has been made. Your details will not be used for any other purpose.
Bidding process
There will be a 2 stage bidding process.
Stage 1
Potential purchasers will be invited to place bids via a set deadline (19th February 2025). These offers will then be considered by the client and a best and final offers may be called. Should an offer meet the clients requirements a successful bidder will be selected and a sale will take place via an auction contract, which will be signed immediately along with receiving a 10% deposit. The property will be deemed as ‘sold prior to auction’.
Stage 2
If no stand out bids are received or bids received are of a similar value then a reserve price will be set on the property and it will be sold via a live online auction (date to be determined subject to Stage 1 of the process).
DWG drawings available on request
When submitting your offer please provide the following information
- Entity purchasing the property
- Your Solicitors details Certified ID and proof of address for the purchaser/s of the property
- Proof of funds for a minimum of 10% of the offer put forward.
- Confirmation that you can sign an auction contract, pay a 10% deposit straight away and complete within the time frames highlighted in the special conditions of sale.
Please when sending these offers copy in Nicholson Boyd nicholson.boyd@savills.com and Richard McKenna RMcKenna@savills.com
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