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- Planning permission granted on the 2nd August 2017 for change of use from offices (1st-8th floor) to form a student hall of residence (Class C1) comprising 97 study bedrooms (Within 86 units) and manager’s accommodation. Planning permission has been implemented.
- The property is located just a five-minute walk from Fratton Station which runs direct to London Waterloo in c.1 hour 45 minutes and direct to Portsmouth Harbour in 8 minutes.
- There is significant demand for student accommodation in Portsmouth, to cater for c25,000 students in residence in the city centre.
- The asset is located 0.8 miles from the University of Portsmouth’s main campus.
- Our understanding is the Estimated Rental Value of the 97 rooms is in the region of £1,020,000 per annum (comparables and further evidence available upon request).
- GIA of the entire building totals 29,687 sq ft, of which 26,340 sq ft is offices. There is potential to re-configure some of the communal areas into a further 11 rooms, which could generate an additional £114,000 per annum.
- The remaining 3,347 sq ft is located on the ground floor which comprises 3 x retail units, two of which are let to Domino’s and Ladbrokes and the third unit is vacant.
- Let to Ladbrokes at £20,000 pa. Let to Domino’s at £21,000 pa. The third unit has an ERV of £10,000 pa.
- Freehold.
- The property has been elected for VAT and it is our understanding that the transaction will be treated as a Transfer of a Going Concern (TOGC).
- Proposal – Offers in excess of £2,000,000 (Two Million Pounds) subject to contract (reflecting a low capital value of £67 psf).
