341-bed Grade II Listed Purpose-Built Student Accommodation located 7 minutes from Newcastle University and Northumbria University. Private bed rental growth of 13.64% for the 2024/25 academic year, highlighting a significant under-supply of PBSA in Newcastle. Recently refurbished scheme with modern facilities, including a gym, study spaces, communal lounge, laundry, parking, and bike storage. The site extends to approximately 3.67 acres (1.48 hectares), with 66,600 sq ft of lettable area and a Gross Internal Area of circa 110,000 sq ft. Forecasted gross operating income of £1,814,686 for 2024/25, equating to £136 per room per week. Comparable PBSA schemes achieve rents of £160+ per week for en-suite rooms and over £200 per week for studios. An additional 42 refurbished rooms coming online in 2025/26, increasing the ERV to £2,510,356. Asset management opportunities include refurbishing classic rooms and expanding capacity within the existing car park, subject to planning.
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