Investment Properties: Albion House, St James Street, Newcastle upon Tyne NE1 4NF
Albion House, St James Street, Newcastle upon Tyne NE1 4NF
OIEO £4,000,000 subject to contract - Freehold
- City Centre Student Residential Investment entirely let to Newcastle University.
- Comprising 56 bedrooms, including 8 studio apartments.
- Located in the heart of Newcastle City Centre very close to both Newcastle and Northumbria Universities.
- Newcastle has a student population in excess of 55,000.
- Situated in a vibrant city centre location close to Eldon Square Shopping Centre, China Town and The Gate providing an excellent mix of bars and restaurants.
- Rental income of £309,046.70 per annum with projected income of £349,350 for academic year 2019/2020.
- Seeking offers in excess of £4,000,000 (Four Million Pounds) for our client’s freehold interest, reflecting a net initial yield of 7.25% and a net reversionary yield (2019/2020) of 8.20% , assuming purchaser’s costs of 6.54%.