The Paper Works 1 York St

The Paper Works offers a rarely available opportunity to acquire a student scheme at an affordable rental level in the well-established student market of Sheffield.

Opened in 2020, The Paper Works comprises an original 20th-century Sheffield Star newspaper printworks that has been transformed into five stories of direct-let student bedrooms, complete with attractive modern amenity space - perfect for students. Find a games room, cinema room, communal lounge, study area, gym, and internal courtyard as part of the scheme's impressive specifications, alongside easy access to the vibrant city centre and nightlife. Sheffield Hallam University is situated a short five-minute walk away, with University of Sheffield located 15 minutes away, offering the ideal micro-climate for student living.

The asset offers an attractive bed mix: 78% ensuite cluster beds and 22% studios, for a total of 254 direct-let student bedrooms. The rooms are available at a very affordable £106 per week for an ensuite cluster room and £161 per week for a studio, levels that are competitively below other PBSA schemes in the local area. Managed by a third-party operator, Homes for Students, this asset projects a 2024/25 budgeted Net Operating Income of £713,598. Rents at these levels are priced competitively below the local competition, offering the potential for future rental growth from a low base. Additionally, the asset has scope for additional asset management initiatives, including repurposing the courtyard and the potential for additional communal amenities at the ground floor level with the addition of extra study or lounge space.

The asset benefits from Sheffield Hallam University’s £200m investment plan to move teaching activities from the Collegiate Campus to newly developed buildings at the City Campus, a 5-minute walk from The Paper Works.

Savills are instructed to seek offers for the property which is available by the way of purchase of the UK SPV, which holds the asset, subject to contract.