DISCRIPTION Well located high-quality student accommodation near the University of East Anglia (UEA), Norwich Research Park and the Norfolk & Norwich University.
Rochester Court, Edgeworth Road consists of 11 properties, let for 51 weeks of the year. The properties benefit from private off-street parking with security lighting, and fully maintained landscaped gardens.
Gross internal area of 12,359 sq ft (1,148.14 m2).
Gross Income for 2022/23 will be: £270,060
Projected income for 2023/2024: £286,800
Offers in the region of £3,500,000 for the freehold interest based on the current projected annual income profile. This would provide a net initial yield of 6.06%, after allowing for the usual purchaser's costs and reflects a capital value of £283 per sq ft of 12,359 GIA.
This property and Harvard Court are held in an SPV. Purchase of the company can be arranged.
ACCOMMODATION Rochester Court provides an attractive investment of 11 similar student properties, let for 51 weeks of the year, allowing 1 week of handover for the incoming tenants. Dwellings 1 to 4 are of the same internal configuration, extending over three floors. Dwellings 6 and 9, 7 and 8, and 10 and 11 have the same internal configuration respectively. Dwelling 5 is the only unique property in terms of internal layout.
All the properties have a fully fitted kitchen that includes an oven, fridge-freezer, washing machine, and tumble dryer. All bedrooms have en-suites or their own bathroom, plus workstations, TV and telephone points and fibre Internet connection. The properties have been maintained and managed to a high standard, and are in very good decorative order with laminate and tiled/carpet flooring throughout the communal areas. The bedrooms are carpeted with plastered and emulsion walls, pendant and split lighting and UPVC double-glazed windows.
Externally, there are fully maintained landscaped gardens, in addition to this, dwellings 1 and 2 benefit from small private gardens to the front. Each property benefits from its own parking space to the rear, with bike and bin storage. There is also on-street parking along Edgeworth Road.
Each property is let for 51 weeks forecasted to produce a gross income of £270,060 (2022/23) this produces a projected net income of £225,385 before management charges and external repairs. A detailed tenancy schedule and schedule of expenditure is available on request.
LOCATION Norwich is a major UK city situated approximately 117 miles north of London and 63 miles northeast of Cambridge. Norwich City, according to the census in 2021, has an estimated population of 144,000 which is an increase of 8.7% from 2011. Norwich is regarded as one of the UK's popular tourist destinations.
Access to the city has improved considerably in recent years with the full dualling of the A11. The A11 connects Norwich to Cambridge and the M11 to London. There are regular rail services to London Liverpool Street station with journey times approximately 1 hour 40 minutes.
The city benefits from the Norwich International Airport which is also a feeder to KLM's Schiphol hub. There is also a strong holiday offering with regular flights to domestic and European destinations available. Further afield, London Stansted, the UK's third largest airport, is approximately 83 miles southeast.
Based on not being a first time buyer, and a purchase price of £250,000, the stamp duty payable would be:
£2,500
Other costs to consider
Mortgage
Removals
Surveys
Solicitors Fees
This calculator works on the following assumptions: you are purchasing the freehold for the property; you are not purchasing on behalf of a company or trust; you are purchasing for your personal, residential use; you don’t already own another property. If these assumptions are incorrect, or you’d like a more detailed breakdown of stamp duty costs, please see the gov.uk stamp duty calculator.
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