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BERKELEY HOUSE

BS2 8FJ

43 BED STUDENT ACCOMMODATION INVESTMENT OPPORTUNITY

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The property provides 43 student beds, of which 22 are en-suite cluster bedrooms and 21 are en-suite studio rooms. The accommodation is arranged over lower ground, ground floor and three upper floors.

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INVESTMENT SUMMARY• Prime freehold direct let student accommodation in

central Bristol comprising 43 beds that were built in 2018.

• Berkeley House is prominently situated in Bristol City Centre directly opposite Cabot Circus Shopping Centre, and only 0.9 miles (1.4 km) from the main University of Bristol campus. It is 1.3 miles (2.1 km) from the University’s consented seven-acre Temple Quarter Enterprise campus and excellent access to University of West of England (UWE) main campus in Frenchay.

• Bristol has two established universities: The University of Bristol, which is ranked 16th by The Times Good University Guide 2019, and the University of the West of England, which is ranked 57th.

• The property was comprehensively refurbished in 2018 to provide high quality student accommodation that creates a fabulous student community and social atmosphere with its unique mix of studios and cluster flats.

• Berkeley House has been 100% let since opening and is already in excess of 80% prelet for 2019/2020, whereby the gross operating income will be £394,230 per annum.

• The current combined student population in Bristol is 52,000. The city has experienced a CAGR of nearly 3% in full-time students since 2012/2013 across both universities reflecting strong, sustained growth.

• The continuing and significant growth in student numbers will underpin future rental prospects, whilst maintaining Bristol with one of the highest ratios of students per bed in the country.

• The combination of modest development pipeline and significant tightening of planning policy is set to reinforce the local imbalance between supply and demand for student beds.

• Our client is seeking offers in excess of £4,950,000 (Four Million Nine Hundred and Fifty Thousand pounds), exclusive of VAT, which equates to a Net Initial Yield of 6.26%, assuming purchaser’s costs of 2.80%, and a capital value per bed of £115,116.

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DEAN STREET WORKS

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BRISTOLBristol is the 5th largest conurbation in the UK and the capital of the South West. It has an estimated population of 456,000 and a larger urban zone with an estimated 1.6 million residents and is amongst the most attractive, successful and culturally prestigious cities in the UK, enjoying a rising profile within Europe and beyond.

ECONOMY AND EMPLOYMENTBristol’s economy showed strong resilience during the recession, achieving the highest annual growth rate of all core cities (1998-2006 at 6.2% per annum) and has remained the most productive. The city’s economy is now worth £14.31bn up from £13.67bn in 2015 and has the third highest number of business start-ups in the UK (94.2 per 10,000 working age population).

According to the 2017 Survey, Bristol has 237,500 working age residents, the equivalent to an employment rate of 77.2% which is the highest of all British Core Cities and 2.8% above the national average. Between 2011 and 2015, the number of employee jobs in Bristol grew by 10.8%, the 3rd fastest growing of all British Core Cities.

Its success is based on its world class knowledge economy based in aerospace, defence, engineering, ICT & electronics, financial services, media, creative and environmental industries, along with the global reach of its two universities.

It is a popular relocation destination, supported by a flourishing TMT, professional and financial service sectors.

The city has benefited significantly from relocations and expansion around occupiers including Rolls Royce, Ministry of Defence, BBC, Airbus, Lloyds Bank, National Composite Centre and numerous large legal practices.

In 2017 Bristol was named as the only fast growing, globally significant tech cluster in the UK (McKinsey and Co) and the UK’s largest digital cluster outside of London.

“In 2014 & 2017, Bristol was named Best Place to Live in Britain” Sunday Times

“Bristol – UK’s leader in smart cities” Huawei

“Bristol has been named Europe’s trendiest city”The National Geographic Travellers

“Bristol – most productive core region” Tech Nation

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BRISTOL - EDUCATION AND CULTUREBristol, appointed UNESCO Learning City, benefits from two outstanding and significant universities, the University of Bristol and the University of the West of England, with the University of Bristol being the second most targeted university by employers in the UK. These contribute to Bristol’s skilled labour pool, which has one of the highest retention rates in the UK. Most recently the University of Bristol incubator spin-out company Ziylo has been bought by global company Novo Nordisk for c.$800 million.

Combined, the universities have a population of 52,000 students and the University of Bristol has significant growth projections. Development has commenced on the University’s new £350 million Temple Quarter Enterprise Campus adjacent to Bristol Temple Meads Station, which is due to open in 2022. The new campus will include a digital innovation hub, a business school of the future and a new student village.

Bristol has been identified by NESTA as among the UK’s “creative hotspots”, promoting innovation and economic growth. Bristol has a long association with the ‘green’ movement and is proud of its status as the ‘European Green Capital 2015’, the only UK city to have been awarded the accolade.

Combined, the universities have a population of 52,000 students and the University of Bristol has significant growth projections

The city also hosts significant retail and leisure offerings, including Cabot Circus, a 1 million sq. ft. shopping centre (including leisure and F&B) enhancing the existing Broadmead city centre retail pitch. Outside of the City Centre, Cribbs Causeway anchors Bristol’s out-of-town offerings. In terms of infrastructure, the city council has committed to many improvements to city transit, such as the Metro Bus Scheme, the refurbishment of Bristol Temple Meads and the £2.8bn electrification of the railway line to London which is expected to be completed in 2024.

Further information is available at: bristoltemplequarter.com & investinbristol.com

The city benefits from two outstanding and significant universities, the University of Bristol and the University of the West of England

http://bristoltemplequarter.com

http://investinbristol.com

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COMMUNICATIONSROADBristol is located at the junction of the M4 and M5 motorways, 118 miles (190 km) west of London. The M4 links London to Cardiff and the M5 links Birmingham to Exeter, with the intersection for the M4/M5 8.2 miles (13.2 km).

AIRBristol Airport is situated 9.1 miles (14.6 km) south of the city centre, with its own dedicated coach link from Bristol Temple Meads. The airport offers flights to international and national destinations and has seen year on year growth in passenger numbers since 2009 serving approximately 8.7 million passengers in 2018 (UK Civil Aviation Authority).

RAILBerkeley House is 0.9 miles (1.4 km) from Temple Meads and 6.6 miles (10.6 km) from Bristol Parkway. Together the stations provide regular direct services to major cities including London Paddington, Manchester, Birmingham, and Cardiff. Communication links are due to be improved by the £2.8bn electrification project on the railway line, which is intended to reduce journey times to London by around 20 minutes.

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Abbotsleigh

Nailsea

Avonmouth

Stoke Gifford

Almondsbury

Kingswood

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Communication links are due to be improved by the £2.8bn electrification project on the railway line, which is intended to reduce journey times to London by around 20 minutes

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UNIVERSITY OF BRISTOL

SITUATIONBerkeley House is in the heart of Bristol City centre, and occupies a very prominent corner position fronting on to Pritchard Street and Newfoundland Street (A4044) which forms part of the inner ring road directly opposite the entrance to the Cabot Circus Shopping Centre.

Cabot Circus directly opposite is the city’s main shopping and leisure complex provides many popular amenities such as a 13 screen Showcase Cinema de Lux and restaurants including Cote Brasserie, Five Guys and Wagamama.

The main University of Bristol campus located in Clifton is approximately 0.9 miles (1.4 km) west of the site and can be accessed by public transport via a direct bus route from Newfoundland Way or the Bus station directly to campus. The University of the West of England (UWE) is approximately 4 miles (6.5 km) to the north east and can be accessed directly by bus from Newfoundland Way to the Frenchay Campus.

Berkeley House is approximately 0.9 miles (1.4 km) to the north of Bristol Temple Meads, the city’s principal railway station and the site of the University of Bristol’s consented Temple Quarter Enterprise Campus. The Bristol Royal Infirmary (BRI), St Michael’s Hospital and the Dental Hospital are all located approximately 0.6 miles (1.0 km) west of the site. The BRI also includes a large teaching facility in conjunction with the University of Bristol.

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Berkeley House is only 0.9 miles (1.4 km) away from Bristol University

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BRISTOL - HIGHER EDUCATIONBristol has two established universities: the University of Bristol, which is ranked 16th by The Times Good University Guide 2019, and the University of the West of England, which is ranked 57th.

The current combined student population in Bristol is 52,000. The city has experienced a CAGR of nearly 3% in full-time students since 2012/2013 across both universities.

UNIVERSITY OF BRISTOLA highly regarded Russell Group University, the University of Bristol is ranked among the top five institutions in the UK for its research according to the Research Excellence Framework study and is a member of the Worldwide Universities Network group, a group of 18 research-led institutions of international standing, boasts

42 fellows of the Royal Society ad 15 of the British Academy. It has over 18,000 undergraduates, 6,500 postgraduates, and is at the forefront of interdisciplinary and thematic research across a number of sectors. The university is delivering its new seven acre development, known as Temple Quarter Enterprise Campus, which will provide teaching, research and innovation space for approximately 800 staff and 3,000 students. The seven acre site will host a ‘digital innovation hub’, student residential scheme and a ‘business school of the future’. Construction is scheduled to begin in 2019, with the campus set to open in 2022.

UNIVERSITY OF THE WEST OF ENGLANDThe University of the West of England has invested around £300m in buildings and facilities in order to attract students to the institution. This, coupled with the professional partnerships the university has with a number of businesses, led to increased demand for the institution, as evident in the recent rise in student numbers.

The university is spread across three campuses: Frenchay Campus (the main campus), City Campus, and Glenside Campus, though it also has regional centres in Bath and Gloucester.

Student Breakdown for Bristol:

University Total Students

Full-Time Students

International Students

Postgraduate Students

Applications Per Place

University of Bristol 24,845 23,135 5,865 19.35% 8.72

UWE 28,790 21,700 3,795 9.77% 6.12

Total 53,635 44,835 9,660 14.56%

BRISTOL STUDENT ACCOMMODATION SUPPLY• The continuing and significant growth in student

numbers will underpin future rental prospects, whilst maintaining Bristol as one of the highest student-to-bed ratios in the country.

• The combination of modest development pipeline and significant tightening of planning policy is set to reinforce the local imbalance between supply and demand for student beds.

• Total purpose-built student accommodation (PBSA) within Bristol equates to 17,102 beds, which reflects 38% of the full-time student population.

• Of the PBSA, 7,102 beds are privately operated, which equates to 16% of the full-time student population. However, the quality and location of this stock is mixed.

• The two Bristol Universities are recruiting an increasing number of students, which will put further demands on student accommodation.

• The lack of new quality supply will continue to drive student rentals within Bristol City Centre for the foreseeable future.

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PROPERTY DESCRIPTIONBerkeley House was constructed in 1990 as a purpose built office building, arranged over five floors. This Grade II listed property was comprehensively refurbished in 2018 to provide high quality student accommodation, and create a fabulous student community and social atmosphere with its unique mix of studios and cluster flats.

The property benefits from two entrances, with the main lobby assessed directly off Pritchard Street, and is served by an eight person passenger lift. To the rear are nine car parking spaces accessed from Norfolk Avenue within a secure gated car park.

Berkeley House provides a total gross internal area of 10,944 sq ft (1,017 sq m) of student accommodation awarded a BREEAM “Very Good” accreditation.

The property provides 43 student beds, of which 22 are en-suite cluster bedrooms and 21 are en-suite studio rooms. The accommodation is arranged over lower ground, ground floor and three upper floors.

The en-suite cluster flats benefit from fully fitted communal kitchens and lounge/dining areas. The studios provide students with the same facilities as cluster rooms, but with their own private kitchen facility within their room. Every kitchen is fully fitted with electric hob, cooker, microwave and fridge/ freezer compartments.

All bedrooms are provided with queen sized beds

with storage at the base, fitted wardrobes, full length mirror and a large desk with book shelves. All bedrooms benefit from good size bathrooms with a walk in shower, toilet, wash basin, and each has individually controlled heating systems.

The lower ground floor includes the majority of the student amenity accommodation, including a common room, a TV/gaming lounge, laundry room and gymnasium.

The student amenities can be summarised as follows:• Common room with study area, pool table, TV

and gaming facility• On-site laundry• Secure cycle spaces• Electronic security with fob access via a

computerised access control system• One eight-person passenger lift• Fully equipped Gymnasium• Secure separate car parking for nine cars• CC TV System throughout the building• Disabled Refuge Alarm System• Intercom in all flats to identify visitors to property• Acoustic secondary glazing fitted throughout the

building

A detailed specification of all external and internal finishes, materials and fittings is available upon request.

SERVICES:• New Ventilation and Extraction System provides clean air throughout the building.

• New photovoltaic panels installed on the roof significantly reduce consumption from the grid.

• New Residential Fire Alarm Systems.

• Ultra-fast Fixed and Wireless Internet – Upstream / Downstream rates of 200 Mbit/s.

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ACCOMMODATIONThe proposed accommodation totals 43 student beds comprising 22 en-suite rooms and 21 studios as per the accommodation schedule below.

Floor Total Beds Studio Cluster Ensuite Bedrooms No of Cluster Flats

Lower Ground 2 2

Ground 10 5 5 1

First 11 5 6 1

Second 11 5 6 1

Third 9 4 5 1

TOTAL 43 21 22 4

TENUREThe property is owned Freehold.

The separate nine parking spaces are held on a 999 year long leasehold from 25 July 1988 at a fixed rent of £9 per annum.

INCOME PROFILEThe building was practically completed and launched in September 2018, and has been fully occupied since opening.

The building is already in excess of 80% pre-let for the 2019 / 2020 academic year, and will be 100% prior to the completion of this sale.

Bedroom Type Number of Rooms

Average Rent pw (2019/2020)

Term (weeks)

Income & Operating Costs

Studio 21 £197.14 51 £211,140

Cluster Flat 22 £163.18 51 £183,093

Total Gross Income 43 £394,230

Operating Costs £75,733 (£1,761 per bed)

Total Net Operating Income £318,496

FINANCIAL SUMMARY• Gross Income for Sept 2019/2020 will be:

£394,233 pa

• The scheme is already in excess of 80% let for 2019/2020

• Operating Costs: 2019/2020 = £75,733 pa (2018/19 = 73,276 pa)

• Net Income: £318,496 pa

• Gross operating income for 2018/2019 was £349,045 pa therefore there has been very positive rental growth of some 13%, since practical completion of the scheme in September 2018.

KEY ASSET MANAGEMENT OPPORTUNITIES• Continue to drive student income and reduce costs.

• There are nine secure car parking spaces to let with the scheme. There is significant demand for car parking in this location; therefore these can attribute further rental income of circa £13,500 per annum (£1,500 per space).

• The double digit rental growth and 100% letting record achieved since opening in September 2018, underlines the appeal of the accommodation.

The property provides 43 student beds, of which 22 are en-suite cluster bedrooms and 21 are en-suite studio rooms

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FIRST FLOOR

SECOND FLOOR

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FLOOR PLANS

Coms RMServices

Common RoomAmenity

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Part of ECE Architecture

76 Great Suffolk Street, London, SE1 0BL

T 0207 928 2773 E [email protected]

Brooklyn Chambers, 11 Goring Road,Worthing, West Sussex, BN12 4AP

T 01903 248777 E [email protected]

Sussex:

London:

www.ecewestworks.com

Westworks, Colston Tower,Colston Street, Bristol, BS1 4XE


Bristol:

Rev Date Revision Details Dr ChClient's Name

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CDM 2015 Health & Safety InformationThis information relates only to 'Significant Hazards' identified on this drawingand is to be read in conjunction with the Designer's Risk Assessment Register.

© ECE Westworks Limited. No dimensions to be scaled from drawing except for the purposes of Planning Applications. The contractor should check all dimensions on site. It is the contractors responsibility to ensure compliance with Building Regulations.

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Featured Developments Limited

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B 04/12/17 Updated to reflect M&E comments TC CP

C 26/04/18 Issued to JIA CP TC

D 03/05/18 Basement layout amended as per clients instructions TC CP

E 11/05/18 Basement layout updated. Kitchen runs adjusted. TC CP

F 24/05/18 Issued for BREEAM TC CP

G 14/06/18 Issued to client CP TC

H 20/06/18 Issued for BREEAM CP TC

I 23/07/18 Issued for collateral warranty TC TC

J 07/03/19 Flat Numbers Amended TC TC

K 25/06/19 Basement layout updated as per clients email TC TC

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G 20/06/18 Issued for BREEAM CP TC

H 23/07/18 Issued for collateral warranty TC TC

I 07/03/19 Flat Numbers Amended TC TC

J 25/06/19 LKD replaced with Cluster Kitchen TC TC

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MANAGEMENTBerkeley House is very successfully let and managed by Bristol SU Lettings, who are owned by Bristol Student Union, their office is based on campus at The University of Bristol. For further information please refer to www.bristolsulettings.co.uk

A detailed management schedule including the budgets and income schedules can be provided upon request.

COMPARABLE LETTINGSWe set out below a list of rental evidence from the 2019/2020 academic year from comparable schemes to Berkeley House as follows:Scheme Name Room Room Type Term Weekly Rent(2019/2020)Print Hall Classic en-suite Cluster 44 £165

Classic en-suite Cluster 51 £175Standard Studio Studio 44 £205Standard Studio Studio 51 £189Premium Studio Studio 51 £219

Large studio Studio 51 £245Pheonix Court Premium Range 1 en-suite Cluster 51 £178

Premium Range 1 studio Studio 51 £218IQ Bristol Silver en-suite Cluster 51 £198

Gold en-suite Cluster 51 £202Platinum en-suite Cluster 51 £204

Bronze studio Studio 51 £202Silver studio Studio 51 £206

Platinum studio Studio 51 £260Gold studio Studio 51 £211

Platinum studio Studio 51 £230

CAPITAL ALLOWANCESAll capital allowances will be made available to the purchaser.

WARRANTIESDetails of original warranties from the construction and professional team will be made available upon request.

EPC The studios and cluster flats in Berkeley House achieved energy performance ratings between B-C.

VAT The property has been elected for VAT and if the transaction is concluded by way of an asset sale, it is intended that it will be treated as a transfer of going concern and therefore VAT will not be payable on the purchase price, subject to the buyer meeting the qualifying conditions.

PROPOSALOur client is seeking offers in excess of £4,950,000 (Four Million Nine Hundred and Fifty Thousand pounds), exclusive of VAT, which equates to a Net Initial Yield of 6.26%, assuming purchaser’s costs of 2.80%, and a capital value per bed of £115,116.

FURTHER INFORMATIONFurther information or to arrange an inspection, please contact:

Richard Howell0117 988 5210 [email protected]

Roger Lown07973 601337 [email protected]

Property ref: 15152

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Avison Young hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent Avison Young is in this brochure is provided on the following conditions:1. The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract.2. All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct.

However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise.3. No person in the employment of Avison Young, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure.4. All prices quoted are exclusive of VAT.5. Avison Young shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by Avison Young.

July 2019

Avison Young St Catherines Court, Bristol, BS8 1BQ

Avison Young is the trading name of GVA Grimley Limited. ©2019 Avison Young

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