Under Offer

Ipswich – Student investment opportunity

Spring Court, Spring Road, Ipswich, IP4 2AB

Offers in excess of £3,650,000

Property Types:
Residential, Student
Tenure:
Freehold

Description

  • Freehold student investment comprising 88 bed spaces arranged across 24 cluster flats:
    • 4 x two bed flats
    • 10 x three bed flats
    • 5 x four bed flats
    • 2 x five bed flats
    • 1 x six bed flat
    • 2 x seven bed flats
  • Currently 94% let for Academic Year 2021/22
  • Current Gross Rent Reserved for Academic Year 2021/22 (inclusive of bills): £376,836
  • Estimated Gross Rental Income for Academic Year 2021/22 (assuming fully let): £399,815
  • Excellent location: 15 minute walk from University of Suffolk, an 8 minute walk to Suffolk New College and 20 minute walk to Ipswich Hospital
  • Original planning consent for “24 residential apartments”
  • University of Suffolk student numbers have grown from 5,060 in 2014/15 to 9,565 in 2019/20
  • Ipswich has a shortage of purpose built accommodation with only 744 PBSA bed spaces on offer

Offers are invited in excess of £3,650,000 subject to all existing tenancies, subject to contract.

A guide price offer reflects a gross yield of 10.32% based on the current gross rent received and an attractive price per bed space of £41,477.

Subject to contract