Wickham Hall 117A Longdales Rd 21 Unit Block of Flats £9,000,000 (£428,571/Unit) 6.89% Net Initial Yield Lincoln LN2 2JS
INVESTMENT HIGHLIGHTS
- On-campus student investment
- Sale and Leaseback opportunity, let to Bishop Grosseteste University for a term of 20 years
- Wickham Hall has a strong retention/occupancy rate of typically 95% - 98%
- The accommodation comprises 126 En-suite rooms across 21 cluster flats with shared communal facilities and break-out areas
- Passing rent of £620,000 Per Annum effective from the date of completion
EXECUTIVE SUMMARY
The Property will be subject to a sale and leaseback where the freehold of the building will be sold, subject to Bishop Grosseteste University taking a new lease on the following terms.Bishop Grosseteste University will enter into a new 20 year effective full
repairing and insuring lease with 5 yearly RPI linked rent reviews with a 1% and 4% collar and cap at an initial passing rent of £620,000 PAX.The lease will be executed on the day of completion.Tenure The freehold of the building will be sold subject to contract via an Informal Tender method of sale. The property is currently held on a single title and the boundaries are to be confirmed at a later date via the solicitors.
Method of Sale-The property is being offered For Sale by way of Informal Tender with offers to be submitted by Thursday 14th March 2024.
repairing and insuring lease with 5 yearly RPI linked rent reviews with a 1% and 4% collar and cap at an initial passing rent of £620,000 PAX.The lease will be executed on the day of completion.Tenure The freehold of the building will be sold subject to contract via an Informal Tender method of sale. The property is currently held on a single title and the boundaries are to be confirmed at a later date via the solicitors.
Method of Sale-The property is being offered For Sale by way of Informal Tender with offers to be submitted by Thursday 14th March 2024.
PROPERTY FACTS
| Price | £9,000,000 |
| Price Per Unit | £428,571 |
| Sale Type | Investment |
| Net Initial Yield | 6.89% |
| Tenure | Freehold |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 18.50 AC |
| Building Size | 37,581 SF |
| Number of Floors | 3 |
| Year Built | 1987 |
AMENITIES
UNIT AMENITIES
- Heating
- Wi-Fi
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