Leicester is a major city within the East Midlands and is located 27 miles south of Nottingham, and 40 miles north east of Birmingham. The city is located at the intersection of two major railway lines - the Midland Main Line and Cross Country Line - it also benefits from excellent motorway links. Junction 21a of the M1 provides access to London, the North and Scotland. East Midlands Airport (19 miles) is the closest international airport and is accessible by car as well as being serviced by frequent bus routes.
Leicester is the largest economy in the East Midlands with an energetic city centre that includes Intu Highcross Shopping Centre plus various restaurants and bars.
The property provides 200 bedrooms with offices for lettings and administration, student meeting rooms, laundry, study room, games room and external communal area providing bike storage and picnic facilities.
Standard clusters provide a fully fitted kitchen, shower room with WC and an additional WC. Superior cluster apartments have an additional shower room. Bedrooms have fitted furniture, double beds and Wi-Fi.
New bedroom furniture, kitchens and bathrooms were introduced in 2016.
Refurbishment works of the reception and laundry areas are planned and will be completed prior to sale.
There is potential to add value through further refurbishment.
Facilities included in the scheme:
The property is fully let with a waiting list for 2017/18 academic year. The University of Leicester has a one year rolling nominations agreement with Oxford Court to occupy 125 rooms. This is reviewed on a year-to-year basis and offers 44 week term lets. The remaining rooms (75) are direct let on a 46 week term basis.
An opportunity for an investor to acquire the freehold interest of a prime located student accommodation investment serving both the University of Leicester and De Montfort University.
Offers are invited in excess of £10,400,000 (Ten Million, Four Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.25%, allowing for purchaser's cost of 4.80%.