The Cube, Greenwich

London SE10 0RY

Overview

  • Ankor Property Group are looking to secure a forward commitment to acquire this prime student accommodation scheme in Greenwich, London
  • Greenwich is within close proximity to several central London University campuses including University of Greenwich, Goldsmiths University of London, King's College and London Southbank University
  • Student to bed ratio of 5:1 represents a very healthy demand pool
  • Contemporary development to be completed to a high specification comprising 33 self-contained and fully-furnished studio apartments ready for September 2017
  • Operated by Homes for Students
  • We are seeking offers in the region of £7,150,000 (Seven Million and One Hundred and Fifty Thousand Pounds) which reflects an attractive net initial yield of 5.00%, assuming purchaser's costs of 5.68%

Location

Greenwich

The London Borough of Greenwich is located in close proximity to London's central business district Canary Wharf, which has a working population of 150,000 corporate and financial executives and covers more than 14 million square feet of office and retail floorspace.

Greenwich is also home to London's largest entertainment district, the O2 Arena, which surpassed New York's Madison Square Garden as the world's busiest music arena.

Greenwich attracts significant tourism visiting its landmark National Maritime Museum. Greenwich University has more than 22,000 students.

Situation

The site occupies a prominent position on Denham Street, close to the junction of the Blackwall Tunnel Southern Approach and Woolwich Road (A206), giving direct and easy access into Canary Wharf (3 miles) and central London (7.2 miles).

Rail Greenwich Docklands Light Railway station is within 1.5 miles of the subject property and, following much recent improvement and extension, serves 45 stations including Lewisham, Stratford and Bank, when the Crossrail explain completes this local area.

Undergound North Greenwich tube station is 1 mile from the subject property. The station is on the Jubilee line, providing direct access to London Bridge, Waterloo and Baker Street, all connecting to the wider tube network.

Bus The property is located adjacent to bus transport, with bus routes serving the local Greenwich area, Stratford and linking to the wider central London network.

The Universities

The property is situated within easy reach of several central London University campuses, including University of Greenwich, Goldsmiths University of London, King's College and London Southbank University. The local demand pool of 35,820 showing a healthy student to bed ratio of 5:1.

Description

Each self-contained studio is to be completed to the highest specification and will be fully furnished. The internal specification of each studio will be as follows:

  • Secure entrance door with swipe card access
  • En-suite shower room with high quality fittings
  • Work station with adjustable chair, wardrobe, bookcase, dining table and chairs
  • Kitchen completed with solid surface worktop, fully integrated appliances (including fridge)
  • Floor to ceiling black out curtains
  • Free high speed internet
  • Wall mounted flat screen smart television

Accommodation

Further details can be found in the link below.


Tenure

Freehold.

London - Student Market Commentary

With 43 Higher Education institutions, London is the national centre for education in the UK, attracting large numbers of students nationally, as well as from overseas. In 2014/15, the London student population was around 366,385 (total students), making it by far the largest student destination in the UK.

Cushman & Wakefield's Student Residential Tracker calculates a total of 78,611 purpose-built bed spaces in the City in 2016/17, an 8% increase on the previous academic year. However, the London market still suffers from structural levels of undersupply, with the London Plan suggesting a need for between 20,000 - 31,000 additional bed spaces by 2025. Development has been impacted significantly by high land costs, competition from other uses, and the impacts of Community Infrastructure Levy.

Long term demand is still rising faster than supply, and students increasingly wish to live in purpose-built developments. This change in student expectations, has created a gap in the market which is being filled by innovative developments such as The Cube.

The Team

Led by a highly experienced management team, The Cube Greenwich brings together experts from across the industry to design, develop and manage London's most innovative accommodation projects.

Further information can be found within the marketing particulars.

VAT

The property is zero-rated for VAT purposes.

Investment Summary

  • Ankor Property Group are looking to secure a forward commitment to acquire this prime student accommodation scheme in Greenwich, London
  • Greenwich is within close proximity to several central London University campuses including University of Greenwich, Goldsmiths University of London, King's College and London Southbank University
  • Student to bed ratio of 5:1 represents a very healthy demand pool
  • Contemporary development to be completed to a high specification comprising 33 self-contained and fully-furnished studio apartments ready for September 2017
  • Operated by Homes for Students

Proposal

We are seeking offers in the region of £7,150,000 (Seven Million and One Hundred and Fifty Thousand Pounds) which reflects an attractive net initial yield of 5.00%, assuming full purchaser's costs of 5.68%. Subject to contract and exclusive of VAT.

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NET INITIAL YIELD:
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PRICE:
£7,150,000
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