O'Neil Property Services are pleased to bring to the market these luxury apartments. The building will be transformed into 110 student apartment, complete with communal areas
including a gymnasium, laundry room, secure bicycle storage and fully-equipped entertainment lounge, designed to cater for the needs of today’s students. Like the rest of Britain, Newcastle-upon-Tyne is experiencing a severe shortage of housing stock, exacerbated by the demands placed on the local market by the more than 49, 000 students that descend annually into the city, to study at the renowned universities of Newcastle and Northumbria.
Within walking distance of the city centre and Newcastle United football ground, not to mention both university campuses, students living at Burgess House also have access to excellent local and national transport links, to allow them to explore their new home away from home.
Gross Rent:
£7,440
NET Yield:
9.15%
NET Income:
£5,950
Maintenance Fee:
£1,044
Management Fee:
£446
Weekly rent:
£155
what you need to know
Am I buying as freehold or leasehold: 250 years leasehold
What is the address of the site: Burgess House, 93-105 St James Boulevard, Newcastle NE1 4BW
Are there tenants already in place: No, Burgess House is a refurbishment of a former office building
What are the projected annual returns on this project: Returns of circa 9.16% are assured for the first 2 years
Can I receive finance on this development: There is currently no finance offered by the developer
When is my rental income paid: Quarterly in arrears, direct into your bank account from completion
Is there a management company in place: Yes, the designated management company will be Fortis Student Living, who will block manage and let the building
Can I re-sell my unit: Yes, you can sell at any time after exchange of contract
Are there any restrictions if I want to sell: No, you are free to sell your unit on the open market
Local amenities
1. Newcastle Central Metro 0.3 miles
2. Eldon Square Shopping Centre 0.5 miles
3. Newcastle Business School 0.5 miles
4. St James's Park 0.6 miles
5. Newcastle University 0.9 miles
6. Northumbria University 1.1 miles
For more information please contact O'Neil Property Services.