City Residence · Rail, Northern Rail, City of York Council, York Hospitals NHS Trust, University of York and Tesco. Road The City is positioned 27 miles north east of Leeds and has

City ResidenceHAXBY ROAD, YORK YO31 8JY

FOR SALE PR IME STUDENT RES IDENTIAL INVESTMENT OPPORTUNITY

1





2

YORK MINSTER

YORK HOSPITAL

YORK ST JOHN UNIVERSITY CAMPUS - 7 MINUTES’ WALK

YORK CITY CENTRE 12 MINUTES’ WALK YORK STATION

HAXBY ROAD

City Residence



3

Investment SummaryStudent development comprising

124 ensuite bedrooms

Fully let to York St John University until September 2026

Freehold

Within 7 minutes’ walk of University Campus

Current income of £491,969 per annum

Fixed increase to £577,282 per annum in September 2021

Tenant only break option September 2022

We are instructed to seek offers in excess of £6,835,000 (Six Million Eight Hundred and Thirty Five Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a Net Initial Yield of 6.75% assuming purchasers costs of 6.65% and a reversionary yield of 7.92% in September 2021.



4

Economy

The City is an international business destination and currently supports some 100,000 jobs and contributes £3 billion of value to the national economy. According to growth projections for the City up to 2030, the York economy is set to grow at a faster rate than both the UK and regional averages (Source www.yorkmeansbusiness.co.uk).

York is home to internationally competitive industry and research expertise in biosciences, healthcare/medicine, bio-renewables and high tech rail, as well as growing and dynamic businesses operating in a diverse range of sectors from finance and insurance to IT, digital and creative technologies. The City also has two universities, the University of York and York St John, with student numbers of approximately 20,000.

With the most resilient economy in the North of England, York also offers an outstanding quality of life, from world renowned heritage and diverse, quality housing to retail and tourism/leisure opportunities. In 2012, total visitor numbers were 7 million who contributed over £575 million to the local economy.

York

The historic City of York lies in the centre of the United Kingdom, equidistant from London and Edinburgh, and is internationally renowned for its architecture, heritage and tourism. York is the UK’s first UNESCO City of Media and Arts and the UK’s founding Science City and first Gigabite City.

B1224

B1363

To Middlesboroughand A1 (M)

To Hull

To M62 (J37)

To Leedsand A1(M) J45

HAX

BY R

OAD

HAX

BY R

OAD

A59

A19

A1237A64

A1237

A64

A1036

A64

YORK

A1036

A1079

YORK CITY CENTRE

River Ouse

SHIPTON RD CLIFTON RD

BOROUGHB RIDGE RD

MAL

TON

RD

LAWRENCE ST

TADC

ASTE

R RD FULFORD RD

CLIFTON MOOR GT



5

Demographics/Employment

At the 2011 Census, York had a population of 198,000 – a 9.4% increase since 2001. Since 1971, York’s population has grown by nearly 31% with a 19,000 population increase over the last decade.

At 2011, York had total employees of 103,000 with slightly above average concentrations of finance, professional and business services and other services employees. The City boasts an affluent demographic profile with a significantly above average representation of the adult population within the most affluent A, B & C social grouping. York’s economy is forecast to grow by 9.50% by 2021, which is greater than major regional cities such as Birmingham, Liverpool and Sheffield.

Unemployment at September 2014 stood at 1% compared to the GB average of 2.6%.

Major employers in York include Aviva, Network Rail, Northern Rail, City of York Council, York Hospitals NHS Trust, University of York and Tesco.

RoadThe City is positioned 27 miles north east of Leeds and has excellent road links, being situated on the A64 dual carriageway which connects with the national motorway network via Junction 44 of the A1(M) to the south west.

RailYork enjoys excellent communications via the rail network with a regular service to London (Kings Cross) and a fastest journey time of approximately 1 hour 50 minutes.

AirLeeds Bradford International Airport is situated approximately 38 km (24 miles) to the south west and Durham Tees Valley Airport is approximately 56 km (35 miles) to the north.

City Residence

YORKRAILWAY STATION

M

USEU

M ST

LOW PETERGATE COLLERGATE FOSSGATE WALMGATE WALMGATE

LENDAL CONEY ST SPURRIERGATE

WELLINGTON ROW LEEMAN ROAD

TO

FT G

REEN

M

ICKELGATE

TRINITY LN PRIORY ST

ST. MARTIN’S LANE

NORTH ST

NUNNERY LN

LOWER PRIOR ST

SKELDERGATE

CLIFFORD ST

CASTLEGATE

DAVYGATE PARLIAMENT STREET

PICCADILLY

S

TONEGAT

E

SWINEGATE

LORD MAYOR’S WALK

MINSTER YARD

OGLEFORTH

GOODRAMGATE

ST

. LEO

NARD

’S P

L

GILLYG

ATE

M

ARYGATE

FRED

ERIC

ST

ST. MARY’S

LONG

FIELD

TER

R

SYCA

MOR

E TE

RRAC

E

ROUGIER ST BISHOPHILL SENIOR

S

KELDERGATE BRIDGE

BOOTHAM

SHAMBLES

TA

NNER ROW RETAILCORE

BRIDGE ST

A1036

A1036

A1036

B1227

A1036

A19

B1227

COPPERGATE

COPPERGATECENTRE

MUSEUMGARDENS

YORKMINSTER

S

TATI

ON

RD

RIVER OU

SE

YORKHOSPITAL

YORKST JOHN

UNIVERSITYCAMPUS

RIVER FOSS

MONKGATE

CLAR

ENCE

STR

EET

TOWNEND STREET

LOWITHER STREET

LOWITHER STREET

THE STONEB

OW

GROS

VENO

R TE

RRAC

E

A19

JEWBURY

TOWERGATE

PARAGON STREET

FOSS ISLAN

DS ROAD

HAXBY ROAD

WIG

GINTO

N ROAD

DODSWORTH AVENUE

HUNTINGDO

N ROAD

POTTERY LANE



6

Situation

The property is situated on Haxby Road which in turn connects to the B1363 both of which are main arterial roads connecting York City Centre to the A1237 York Outer Ring Road.

The accommodation is located 0.3 miles (a 7 minute walk) from York St John University Campus and York Hospital. The accommodation benefits from the public transport bus routes along Haxby Road along with numerous provisions to cater for student living. Amenities include Londis and Boots Pharmacy as well as various bars, pubs and cafes en route to York City Centre.

City Residence



7

Description

Previously a nurses home dating from 1911, City Residences comprises three buildings within a secure gated compound. The largest building consists of a three storey Victorian style building constructed from red brick elevations and a pitched stale roof. The two additional buildings are located at the rear of the site and are of more recent construction with red brick elevations and pitched pantile roofs.

The site area extends to 1.377 acres.



8

Accommodation

City Residence extends across three buildings comprising a cumulative total of 124 en-suite bedrooms.

Block Number of Flats

Room Type

No of beds

Approximate Average Room Size m²

Approximate Average Room Size ft²

Main Block 17 Standard 87 13.0 140

Block A 5Standard 16 14.0 150

Large 5 20.0 215

Block B 3Standard 12 14.0 150

Large 4 20.0 215

124

In addition there are 31 car spaces located in a secure compound amongst the three buildings.

FLAT - G80.1m2

FLAT - F113m2

FLAT - D86.3m2

FLAT - E94.5m2

FLAT - C117.9m2

FLAT - B108.2m2

FLAT - A133.5m2

Kit / Din

Bed 6

Bed 1

Bed 2

Bed 3

Bed 4

Bed 5Kit / Din

Bed 2

Bed 3

Bed 4

Bed 1Bed 1

Bed 2

Bed 3

Bed 5

Bed 1

Bed 2Bed

Bed 4

Bed 5Bed 3

Bed 2Bed 1

Bed 4

Kit / Din

Bed 3

Bed 2

Bed 1

Bed 4Bed 5

Kit / Din

Bed 4

Bed 1

Kit / DinLaundry

Bed 2Bed 3

Kit / Din

Kit / Din

CL

St

CL

St

LobbyLobby

CL

Bed 4

St

St

St

3St

D

W

W

CL

STAIRCASEONE

STAIRCASETWO

STAIRCASETHREE

STAIRCASEFOUR

Ground Floor Plan

-

Sheet DrawingNumber

Dwg. Created

Drawn ByArch Mech Elec

Proj. Number Work Order Number

Struc Civil

Issue &Revision

Building

DwgTitle

SET NOTES

LORD MAYORS WALK, YORK YO31 7EXt: 01904 624624

CITY RESIDENCE

Status Scale. 1:20001.01.2013

1 of 3 CITY(A-G)-00S2

KWFLATS A,B,C,D,E,F,GGROUND FLOOR PLANRECORDCITY RESIDENCE (CITY)

S:\Facilities\Estates\City Residence\Plans\City Floor 0 Flats A - G.dwg, A3 Land Sketch

FLAT - T82.4m2

FLAT - U82.4m2

10.19 sq.mBedroom 4

Ground Floor Plan

Store

13.76 sq.mKitchen

10.54 sq.mBedroom 1

10.14 sq.Bedroom 2

10.14 sq.mBedroom 3

10.54 sq.mBedroom 4

13.76 sq.mKitchen

Store

10.19 sq.mBedroom 1

10.14 sq.mBedroom 2

10.14 sq.mBedroom 3

Dn Up

Up

AD001

AD005

AD004

AD003

AD002 AD013AD006

AD007

AD008

AD009

AD010

AD011

AD012

AD014

AD015 AD017

AD016 AD018

AD019

AD020

AD021AD022

AD023

EntranceLobby

13.5m2

11.74m2

2.25m2

11.74m2

2.25m2

11.68m2

2.1m2

11.68m2

2.1m2

11.74m2

2.25m2

11.74m2

2.25m2

13.76m2

1.8m2

12.06m2

2.25m2

6.59m2

13.8m2

12.06m2

2.25m2

13.76m2

1.8m26.59m2

BB

F

-

Sheet DrawingNumber

Dwg. Created



Struc Civil

Issue &Revision

Building

DwgTitle

SET NOTES


CITY RESIDENCE

Status Scale. 1:10001.01.2013

1 of 3 CITY-(T-U)-00S2

KWBLOCK A - FLATS T,UGROUND FLOOR PLANRECORDCITY RESIDENCE (CITY)

FLAT - Y123.6m2

Ground Floor Plan

Kitchen

Dining

Bedroom 3

Bedroom5

Bedroom 4

Bedroom 6

Store

Bedroom 2

Bedroom 1

Up

13.3m211.74m2

2.25m2 1.4m2

11.74m2

2.25m2

11.74m2

2.25m2

13.48m2

10.45m2

11.74m22.25m2

11.74m2

2.25m2

11.74m22.25m2

21.31m2

-

Sheet DrawingNumber

Dwg. Created



Struc Civil

Issue &Revision

Building

DwgTitle

SET NOTES


CITY RESIDENCE

Status Scale.01.01.2013

1 of 3 CITY(Y)-00S2

KWBLOCK B - FLAT YGROUND FLOOR PLANRECORDCITY RESIDENCE (CITY)

S:\Facilities\Estates\City Residence\Plans\Flat Y.dwg, A3 Land Sketch

Tenure

Freehold

The site extends to 1.377 acres.

Main Block Block A Block B



9

Tenant Lease Start Break Lease Expiry Annual Rent Fixed Rent Review in 2021

York St John University College 06/09/2001 06/09/2022 05/09/2026 £491,969 £577,282

York St John University

York St John University is a public university which achieved university status in 2006 and is now a designated “Centre of Excellence”. The University is an exempt charity under the Charities Act 2011. As a university, it contains nine individual school departments for teaching which include; Art and Design; Education; Health Sciences; Humanities, Religion and Philosophy; Languages and Linguistics; Performance and Media Production; Psychological and Social Sciences; Sport and York Business School. The University itself is established across 11 acres of York City Centre and neighbours the city walls of York and York Minster.

In the 2016 financial statement, the University reported 6,463 students and 783 staff. For the year 2016, York St John University and College reported an income of £58.7 million. Alongside this, the University has demonstrated continued investment in its campus surrounding the subject property and in the last five years has invested over £30 million into the estate. This includes £8.9 million in respect of the purchase and redevelopment of the Haxby Road Sports Park, £1.3 million on the Students’ Union facility, £1.0 million on an extension of the dining room and £1.6 million on teaching and IT facilities.

The University published an income of £58,681,000 in 2016 along with an expenditure of £58,295,000. This represents a surplus of £386,000 for 2016. The University also published a growth in fixed asset value of £2,667,000 between 2015 and 2016 bringing its 2016 fixed asset value to £123,827,000.

Revenue from the 2018/2019 accommodation rates equates to £653,020 per annum when fully let significantly above the rent passing:

Type Quantity Cost (2018/2019) Total

Standard Bedroom 115 £5,249 £603,520

Large Bedroom 9 £5,500 £49,500

£653,020

The annual rates compare very well to other ensuite accommodation in York:

Student Accommodation

The University operates a number of residences within York as detailed below:-

Scheme No of Beds Cost (Term) Walking distance to University

The Grange 412 £4,400 (44 weeks) 10 Minutes

Limes Court 125 £4,441 (44 weeks) 15 Minutes

Lord Mayor’s Walk 120 £4,779 (34 weeks) 2 Minutes

Percy’s Lane 500 £5,752 (46 weeks) 20 Minutes

St John Central 250 £5,750 (44 weeks) 15 Minutes

Only Percy’s Lane and St John Central offer ensuite accommodation.

Residential Re-development

York has experienced positive growth in the residential sector with PRS and permitted development leading property investment. The city has benefitted from positive rental growth in tandem with modest supply growth. To this end, the subject property could be ideal for conversion from student residential accommodation to traditional residential accommodation.

Tenancy

The property is let in its entirety to York St John University College on a 25 year lease producing a current rental income of £491,969 per annum.

St John Central £5,751 per annum

Percy’s Lane £5,752 per annum

Halifax College £6,830 per annum

Proposal

We are instructed to seek offers in excess of £6,835,000 (Six Million Eight Hundred and Thirty Five Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a Net Initial Yield of 6.75% assuming purchasers costs of 6.65% and a reversionary yield of 7.92% in September 2021.

Richard Hinds

DD: 0113 235 [email protected]

Mathew Atkinson

DD: 0113 261 [email protected]


VAT

The property is elected for VAT and it is envisaged that the sale will be treated as a Transfer of a Going Concern (TOGC).

© Crown Copyright 2017. All rights reserved. Promap licence number 100020449. Jones Lang LaSalle licence number 100017659. This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. Disclaimer - JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:- a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property; d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken. For properties in Scotland: e. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law Copyright © Jones Lang LaSalle IP Inc January 2018. All rights reserved.

EPC

Available upon request.

Further information

For further information including access to the data room and viewing arrangements, please do not hesitate to contact one of the sole agents:-

Documents

City Residence · Rail, Northern Rail, City of York Council, York Hospitals NHS Trust, University of York and Tesco. Road The City is positioned 27 miles north east of Leeds and has