No longer on the market
This property is no longer on the market
Floorplans (
MapTerraced house
Terraced house
Key information
Tenure: Freehold
Council tax: Ask agent
Broadband: Super-fast 80Mbps *
Mobile signal:
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Features and description
- Fully Let Student Accommodation Investment
- Freehold
- Close to city centre
- Comprising 11 properties let for 51 weeks of the year
- 12,359 sq ft GIA
- Gross income 2022/2023: £270,060
- Offers in the region of £3,500,000 reflecting a net initial yield of 6.06%
Fully Let Student Accommodation Investment
Description - 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.
Description - 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.
Property information from this agent
About this agent
LOCAL Knowledge | LOCAL People | LOCAL Property Dynamic and flexible, at Arnolds Keys we are bringing our business to you. We will not be limited by branch locations. Norfolk is our home, and we are passionate about being local people working for local people. We consider the whole county to be our ‘local’ area, and we bring the knowledge of years of traversing the county to bear when helping our clients. We do not need a shop window to sell or let a property – that is not how people buy property. We need passion and zeal. We need an intimate knowledge of the people looking and the people selling, and we have to play matchmaker. The great news is – we have those skills and we have that team! Fantastic property professionals who value service. We also have great tech to reach people where they want to be reached. At Arnolds Keys we have all of these qualities, and we want to bring them to you – not make you come to us. CITY | COUNTY | COASTAL