A 50-bed student accommodation facility in Bristol has gone up for sale at nearly £7m.
Cheswick Campus, located in Cheswick Village square, has recently been developed to offer luxury accommodation to students. The site comprises 36 studios, five of which are accessible, and 14 cluster beds arranged across three flats. The site, which is currently used for student accommodation is on the market for £6,900,000.
The campus is currently owned by property developer Christian Grant Properties Ltd. The developer met with controversary in 2020 when it applied to convert the ground floor into student accommodation, which it was granted the following year. It's aim has been to meet the growing accommodation needs of the University of the West of England (UWE) that is less than 1km north-east of the site.
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The sale is being handled by Keller Williams Estate Agents, that say the site would lend itself to serviced accommodation - subject to appropriate consents. The campus is 1.6 miles away from Bristol Parkway and less than half a mile away from Filton Abbey Wood which provides a 10 minute train into Bristol city centre. The M4/M5 motorway network is around 5 miles from the property.
The nearby Filton Enterprise Area is the home of innovative aerospace and aviation technology. The presence of Airbus, Rolls-Royce, and GKN have sealed Filton's status as a business hub for various sectors. The property is set on the Square at Cheswick Village which offers a large bustling coffee shop, a gym, wine bar, takeaways, and a Co-op store.
Keller Williams reported: "The University of the West of England have entered into a 51 week rolling nomination agreement providing a secure investment as the rent is guaranteed by UWE. As there is a real shortage of student accommodation in Bristol the University are keen to discuss an extension and terms with a new buyer. Rental income for 23/24 circa £516, 928."
The property is held on a peppercorn leasehold interest until 2143. Service charge is approx. £9 500 per annum plus VAT and an insurance rent of £5,000 per annum plus VAT. Ground Rent Charge: £0.
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