Student accommodation block put on the market
A student accommodation block in Worcester has been put on the market with commercial property agency Bond Wolfe for offers over £3m.
Sansome Hall at 1 Sansome Walk in the town centre has 83 spacious en suite bedrooms and a warden’s flat across five storeys.
Built in 2008, the building is currently 89% occupied, generating £451,200 in annual rent, with the potential to increase to £497,400 when fully let.
There are 18 rooms on the ground, first, and second floors, 15 rooms and a warden’s flat on the third floor, and 14 rooms on the fourth floor, totalling around 21,284 sq ft.
The freehold property is managed by Black Pear Lettings, with rooms let shorthold tenancies and each cluster flat having an HMO License.
Bond Wolfe is marketing Sansome Hall on behalf of joint fixed charge receivers James Liddiment and Paul Greenhalgh of Kroll Advisory.
James Mattin, managing director of Bond Wolfe, said: “This is an unusual and attractive opportunity to purchase a freehold student accommodation block in the heart of a busy university city. Sansome Hall provides an excellent hands-off investment opportunity in an ideal location for the student population in Worcester.
“The University of Worcester is highly regarded which attracts students internationally and has yet again achieved a ‘top 5’ UK ranking for Quality Education. The property provides quality-managed accommodation for students attending the university’s City Campus and St John’s Campus, just 0.25 miles and 1.4 miles away respectively.
“A purchase at £3m would represent a low capital value of £36,145 per room, although offers are being invited over this price level.”
