Location

The property is located in the city of Birmingham fronting Cliveland Street and is in close proximity to Aston University, Birmingham City University and University College Birmingham.

The surrounding area is one of the most attractive areas for students when seeking private accommodation within the city.

The city centre and flagship Bullring shopping centre, which offer a vast array of retail and leisure facilities, are located within walking distance to the south of the property.

Birmingham has good road links with the city being served by the M5, M6 and M42, whilst also having good rail travel (London is accessible in 90 minutes from New Street Station) and air travel via Birmingham International Airport which provides access to both European and International destinations.

Situation

BIRMINGHAM OVERVIEW

Birmingham is the UK's second most populous city with over 1.15 million inhabitants and is the youngest city in Europe with more than 40% of its population found to be under the age of 25.

The city is renowned as one of the main educational hubs of the United Kingdom, with 80,000 students across 5 higher educational institutions.

The city lies near the geographic centre of England at the crossing points of the national railway and motorway systems. The city also benefits from Birmingham International Airport, which offers travel to global destinations.

The city originally emerged as a key location within the UK in the 18th century thanks to the industrial revolution era and the cities growth in manufacturing capabilities.

Whilst the city remains a key industrial location within the UK, professional occupations make up 24.4% of the Birmingham employment market, above the national average of 21.9%, demonstrating a high proportion of skilled labour within the employment market.

Birmingham's key employers include, Rolls-Royce, Jaguar, National Express, Sainsburys, Lloyds Bank and RBS.

The city hosts significant retail and leisure offerings, including the Bull Ring and Grand Central shopping centres which when combined are the UK's largest city centre based shopping centre.

In terms of infrastructure the city council has recently outlined plans for a £25 million regeneration of Birmingham's city centre in advance of the Birmingham 2022 Commonwealth Games.

Description

Globe Works opened in August 2019 and comprises 3 blocks of PBSA ranging in height from 4 to 9 storeys.

With 520 beds across 10 room types the property consists of 176 ensuite clusters in 4 to 7 bedroom ats and 344 studio bedrooms.

The property offers an excellent specification, providing residents with a stylish and intimate living experience. With 877 sq m of communal space students have access to; a student lounge with study space, four meeting rooms, reception/ lobby area, student gym, cinema room, launderette, external courtyard with sports area and student cycle store.

There are two commercial units on the ground floor of the Property which are currently being marketed under Class E of the use classes order and are expected by to be let on fully repairing and insuring leases.

A Schedule of Accommodation can be found within the link below.

Communal Facilities

• 190 SQ M - STUDENT LOUNGE WITH STUDY SPACE
• 29 SQ M - LAUNDERETTE
• 107 SQ M - FOUR SEPARATE STUDY ROOMS
• EXTERNAL COURTYARD WITH SPORTS AREA
• 122 SQ M - RECEPTION/LOBBY AREA WITH STAFF OFFICES
• 26 SPACES - STUDENT CYCLE STORE
• 57 SQ M - STUDENT GYM
• 26 SQ M - CINEMA ROOM

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Tenure

Ownership Structure and Management

STRUCTURE
Long Leasehold (option to re-purchase the freehold for £1 in 2064)

TERM
999 years from 6 July 2017

HEAD RENT
Initial rent of £870,000*

PAYMENT
Rent is Payable in equal quarterly instalments

REVIEW FREQUENCY
Annually

REVIEW MECHANISM
RPI uplifts cap and collared at 5% and 1%

* We believe the current head rent to be £928,126.

Further information is available within the data room.

Management

Globe Works is currently managed by the Nido Collection (Nido), one of Europe's leading student housing companies with over 6,000 beds under management.

Tenancy

Further information relating to the Student Income Forecast and Management Costs can be found within the marketing particulars.

Covenant Information

Rent Ananlysis

Further information regarding the Rental Analysis can be found within the marketing particulars.

SERVICES

It is understood that services are available to the property, although it will be the responsibility of the purchaser to ensure they are available and adequate for any future use of the property.

INSPECTION

The property may be viewed by prior arrangement through the vendor's sole selling agents, Cushman & Wakefield. Prospective purchasers should be aware that inspections are made entirely at their own risk and no liability is accepted by the vendor or their agent.

SDLT

We believe the Multiple Dwelling Relief is available but recommend independent advice is sought.

FURTHER INFORMATION

A full information pack is available within the data room: https://estatecreate.com/Globe_Works

Proposal

Cushman & Wakefield are instructed on the sale of this property POA.

SALE BY RECEIVERS

The Property is offered for sale by the joint LPA/Fixed Charge Receivers who act as agents for the vendor and without personal liability. The Receivers are not bound to accept the highest, or any, offer and can give no representations or warranties including as to VAT.

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