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On behalf of the Administrators of Mederco (Huddersfield) Limited & Mederco Block A Limited
Student Residential Development OpportunityFor Sale
ENTER
Blocks A & B, The Waterfront, Manchester Road, Huddersfield, HD1 3FH
Student ResidentialDevelopment Opportunity
For Sale
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
EXECUTIVE SUMMARY
• Unique opportunity to acquire the freehold interest in a partially complete student residential scheme comprising 420 apartments in Huddersfield• Located in close proximity to the University of Huddersfield and Huddersfield town centre • Potential to generate an Estimated Rental Value of £1.92m per annum
Student ResidentialDevelopment Opportunity
For Sale
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
LOCATION The property is located in the southern periphery of Huddersfield town centre in West Yorkshire. Huddersfield is approximately 20 miles to the south west of Leeds city centre. Junction 23 and 24 of the M62 are approximately 4 miles to the north west and north of the scheme respectively.
The property is located on the south side of Manchester Road at the junction to Outcote Bank and Bankfield Road. The River Colne runs adjacent to the property on the south side of the scheme. Neighbouring the property to the east is Block C (Kingfisher Court), a build complete residential block that was originally part of the same development and has been built to the same configuration as Block B.
A643 LINDLEY MOOR ROAD
A629
A643
A629 HALIFAX ROAD
A629
A640 NEW HEY ROAD A640 A640 TRINITY STREET
A62
A62
A616
LO
CKWOOD R
OAD
A629 WAKEFIELD ROAD A629 WAKEFIELD ROADA629 PENISTO
NE
ROAD
A62
A62 LEEDS ROAD
A62
LEED
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AD
A641
BRA
DFO
RD R
OAD
A6
41
A62 MANCHESTER ROAD A62
B643
2
B6118
B6118
HALIFAX OLD ROAD
ACRE STREET
WEST ROAD
WOODHOUSE HILL
D
ALTO
N B
ANK
ROAD
DALMENY AVENUE
SCAR LANE
LEYMOOR ROAD
GILEAD ROAD
LONGWOOD ROAD
COWRAKES ROAD
FENNAY LANE
FERNSIDE AVENUE
ALMONDBURY BANK
SOUTHFIELD ROAD
HAL
L CR
OSS
RO
AD
M62
M62
24
HUDDERSFIELD
20a9
121
21a10
418
215
743
4229
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29a
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41
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M1
M1
M1
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M62
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M18
M180M18
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M62M606
M60
M60
M67
A627(M)
M66
M60
M65
M65
A49
A49 A57
A56
A56
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A34A6A57
A635
A663
A663
A576
A665
A56
A5081
A5145
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A560
A57
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A49
A579
A577
A666
A666
A666
A666
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A677A6119
A680
A671
A6068
A646
A6119
A59
A59
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A64
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A6120A6110
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A61
A61 A58A64
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A63A643 A63A61
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A631
A60
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A57
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A630
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A1041
A56
A676A58
A58A673
A58A58
A58
A58
A58
A58
A629
A644
A650
A642
A629
A629A616
A61
A616
A6195
A6195A628
A628
A628
A635A635
A640
A637
A637
A638
A638
A638
A629
A58
A6036A650
A650
A629
A6177
A56
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A49
A5209
A580
A53
A61
A6102
A630
A631
A57
A619A6020
A623
A34
A34
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A6
A560
A627A62
A6017A6018
A628
A628
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A556
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A49
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A533
A533
OLDHAM
DENSHAW
WALKDEN
WIGAN
HORWICH
DARWEN
BURNLEY
BLACKBURN
WHALEY
BARNOLDSWICK
LOXLEY
HUDDERSFIELD
BARNSLEY
PENISTONE
HOLMFIRTH
DEWSBURY
CASTLETON
HAYFIELD
DRONFIELD
MACCLESFIELD
WILMSLOW
STOCKPORT
GLOSSOPHYDE
KNUTSFORD
ALTRINCHAM
BOLTONBURY
ROCHDALE
LITTLEBOROUGH
RAWTENSTALL
HEBDEN BRIDGE
HAWORTH
HALIFAX
GAINSBOROUGH
MISTERTON
EPWORTH
THORNE CROWLE
BLYTH
DONCASTER
ASKERN
ROTHERHAM
GOLDTHORPE
PONTEFRACT
CAWOOD
WHELDRAKE
HILLAM HOWDEN
BURSEA
OLLERTON
TUXFORDHOLMESCHAPEL
MANCHESTER
SHEFFIELD
BRADFORDLEEDS
WAKEFIELD
PRESTON
PEAK DISTRICTNATIONAL PARK
MANCHESTERAIRPORT
LEEDS BRADFORDAIRPORT
Student ResidentialDevelopment Opportunity
For Sale
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
DESCRIPTIONThe property comprises two student residential blocks (Block A & Block B) that have been designed to the same specification. The external finishing of each building is a combination of brick and composite cladding beneath flat roofs. The property features an undercroft car park which is suitable for c. 20 cars.
Internally the property comprises 168 apartments in Block A and 252 apartments in Block B. The apartments are configured to provide one bed accommodation with each room comprising an en suite bathroom and kitchenette area. The majority of the apartments have been furnished. The reception areas to the blocks are positioned on the 3rd floor and are accessible via main entrances that are located on Manchester Road. There is a communal area and gym on the 3rd floors, although the development of these is not yet complete.
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
EXECUTIVE SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
THE OPPORTUNITY
FURTHER INFORMATION
Student ResidentialDevelopment Opportunity
For Sale ACCOMMODATIONA full breakdown of the accommodation for the property is outlined in the table below:
BLOCK A Standard studio 154 2,772.0 29,838Double studio 5 125.0 1,346Accessible studio 9 225.0 2,442TOTAL: 168 3,122.0 33,626
THE OPPORTUNITY The student residential market has performed strongly in the UK in recent years. The macro picture shows steady rental growth over time. Headline rental growth for purpose built accommodation increased by 2.26% for the 2018/2019 academic year when being compared to the previous year. This trend correlates with the fact that UK universities are continuing to recruit an increasing number of students, thus overall demand for accommodation is increasing.
The property is well positioned to capitalise on the above trend, being less than 1/2 mile west of the University of Huddersfield. The university has grown in recent years and now has approximately 20,000 students. The reputation of the university has also shown evidence of growth. The Guardian University League Table 2020 ranks the university 43rd out of 121 in the U.K which is a substantial improvement from a ranking of 60th in 2018.
There is also a strong supply of amenities in the local area. Huddersfield town centre is within walking distance of the property and features all the usual high street retailers.
Reflective of local market conditions, the property has the potential to generate an Estimated Rental Value (ERV) of approximately £1.92m per annum. A breakdown of this figure is included in the table below:
BLOCK B Standard studio 236 4,248.0 45,725Accessible studio 16 464.0 4,995TOTAL: 252 4,712.0 50,720Parking spaces: 20
BUILDING ELEMENT NUMBER OF UNITS SQ M SQ FT
GALLERY
BLOCK A Standard studio £90 154 £693,000Double studio £110 5 £27,500Accessible studio £110 9 £49,500
BLOCK B Standard studio £90 236 £1,062,000Accessible studio £110 16 £88,000
BUILDING ELEMENT ERV OF UNITS PER WEEK
NUMBER OF UNITS
ERV PER ANNUM(ASSUMING 50 WEEK TERM)
TOTAL: £1.92M PER ANNUM
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
Student ResidentialDevelopment Opportunity
For Sale
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
COMPLETION WORKSIn order for the property to be suitable for occupation further work is required to include:
• Fire compartmentation works• Furniture installation • Gym equipment installation• Lift commissioning • External envelope works• Internal snagging
Parties are invited to inspect the property to assess the works identified above. We advise that parties should satisfy their own enquiries in relation to costing up the works.
TITLE INFORMATION The property is held freehold under two separate title numbers. Block A is held freehold under the title number YY61847 (highlighted in blue in the adjacent plan). Block B is held freehold within the same title as the neighbouring Block C under the title number YY41694 (highlighted in green in the adjacent plan).
The adjacent plan depicts the boundaries of the freehold being offered for sale (highlighted in red). This plan is indicative only.
Official copy entries of the title documents are contained within our Data Room.
PLANNING INFORMATIONWe understand that the property has been built in accordance with the following planning applications:
2014/62/90411/W - Erection of 2 blocks of student accommodation (Block’s B and C) at the land adjacent to Manchester Road, Huddersfield. Application approved on the 19 August 2014. 2016/62/91026/W – Erection of 168 student studios with communal areas (Block A) at the land adjacent to Manchester Road, Huddersfield. Application approved on the 27 January 2017.
For further information please visit our Data Room or contact Kirklees Council.
BLOCK A
BLOCK B
Student ResidentialDevelopment Opportunity
For Sale
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH
Student ResidentialDevelopment Opportunity
For Sale VAT The Administrators reserves the right to charge VAT on the sale of the property.
DATA ROOMWe have produced an online Data Room portal containing further detailed information to assist parties with further due diligence.The Data Room can be found at:http://hudstudentblocks.avisonyoung.co.uk
VIEWINGSViewing days will be arranged in due course and parties who have expressed interest will be invited to attend via the sole agent.
Andrew [email protected] 0113 280 8046
Rob Cruikshank [email protected] 280 8069
CONTACT INFORMATION
Blocks A & BThe WaterfrontManchester RoadHuddersfieldHD1 3FH