Apartment/studio for Sale in Sunderland

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£35,500 GBP

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Ref 1413764 | Sunderland, Sunderland | 1 Bedroom Studio

£35,500 GBP  |  €44,755 EUR (Approx)  |  Approx. US$55,712 USD
  • Type: Apartment/Studio
  • Location: Sunderland
  • Province: Sunderland
  • Country: England
  • Bedrooms: 1
  • Bathrooms: 1

‘Boutique’ student accommodation is a phrase coined to represent accommodation for the discerning student who does not want to compromise on standards of living while at university. The end user varies, but each represents a bias towards the affluent, international, post-graduate or mature student. With the move towards post-pay university education and £9,000 fees, in the short/medium term there has been a significant rise in demand for ‘boutique’ student accommodation. Historically, student accommodation has been provided by privately owned three/four bedroom houses or by student halls, neither of which maintain the standard of living many new/returning students are accustomed to. We have identified a niche in the student accommodation market to provide a higher level of specification and amenities. We aim to create a unique student experience with our high-end study bedrooms with facilities to match the expectations of today’s discerning student.


An existing halls of residence in the heart of Sunderland, Dunn House has been identified as a prime location for private investment, due to the shortage of student accommodation in the area, in relation to the high number of students enrolled at the university. Currently undergoing an extensive refurbishment to elevate it to the high standard now considered a benchmark for boutique student accommodation, the residence is comprised of 109 single and double studio units and is assured to generate investors 10% NET rental returns for years 1 and 2. Furnished to the highest of standards and equipped with free WiFi, students also have access to a range of communal facilities including lounge areas, a fully equipped gymnasium, kitchens and laundry facilities. One of the most lucrative private student accommodation investments currently on the market, Dunn House is ideally located in the heart of Sunderland, within walking distance of both campuses and all local facilities and amenities including, transport, restaurants, shops and clubs.


Specification:
Self-contained studio
• Storage
• Wardrobe
• Work Station
• Hob/sink/fridge freezer
• LCD TV
• High-speed internet connection

Communal Areas:
• Fully-equipped gymnasium
• Lounge area with television
• Large laundry facilities with commercial washing machines and tumble dryers

Local Area:
• Located in the heart of Sunderland and within walking distance of both university campuses
• Excellent transport links and close to both rail and Metrolink stations
• A wide range of bars, clubs, restaurants and shops for students to choose from


FAQ:
Is there a management company already in place?
Yes, the designated management company for the project is Eddisons

When is my rental income paid?
This is paid quarterly in arrears direct into your bank account from completion

Am I taxed on this income?
If you are a UK resident then yes. If you are a ‘non-resident’ in the UK then you are classed as an ‘overseas landlord’ and apply to the HMRC in the UK for exemption - the appointed management company will be able to help with this

Can I resell my unit?
Yes, you can sell at any time after exchange of contract

Can I do anything I want with my studio?
No, each room will be leased back to the management company on a rolling agreement so that the whole building - in its entirety – can be let as student accommodation

Are there any restrictions if I want to sell?
Yes, the room has to be sold as student accommodation

What security do I have when I exchange contracts regarding my funds?
When you exchange contracts on the purchase, you will also complete on the purchase of your particular room. As the development physically exists and is not off-plan, you legally complete on the purchase of your chosen room.

Is the development already built?
Yes, Dunn House is a refurbishment project of existing halls of residence

Am I buying as Freehold or Leasehold?
250 years Leasehold

What is the address of the site?
50-56 North Bridge St, Sunderland, Tyne and Wear SR5 1AH

When will the building be completed?
September 2012

Are there tenants already in place?
Yes, the residence has been tenanted continually for the past five years

Is there a rental guarantee?
Yes, 10% NET for the first two years from completion of the purchase

What is the projected return pa after year 2?
Currently between 8% to 10% NET (conservative after running costs, management fee, service charges and utilities)

Is the sale handled by UK lawyers?
Yes, the designated lawyers for the project are David Roberts & Partners Insurance Brokers

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