ST MICHAELS GATE - Savillspdf.savills.com/documents/St Michaels Gate_brochure.pdf · ST MICHAELS GATE ST MICHAELS GATE Location The properties are located in St Michaels Gate, Parnwell,

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ST MICHAELS

GATE

ST MICHAELS

GATE

PETERBOROUGH, CAMBRIDGESHIRE, PE1

AN UNBROKEN FREEHOLD ESTATE OF 74 RESIDENTIAL PROPERTIES IN

PETERBOROUGH

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Executive Summary

The property comprises an extensive and unbroken freehold residential development of 74 properties. The estate is located to the north west of Peterborough town centre, approximately 5.6km (3.5 miles) from Peterborough Mainline Train Station.

The current owners have invested heavily in the asset during their ownership including a high specification rolling refurbishment of units, which is ongoing.

The asset offers an incoming investor the opportunity to acquire a quality portfolio of scale, benefiting from management efficiencies, a low entry point into the residential market, and an attractive initial yield, with excellent reversionary potential.

Portfolio summary and performance:

Description

The estate was developed in the 1980s and comprises 74 residential units arranged as 59 houses (33 x two bed, 20 x three bed and 6 x four bed) and 15 flats (15 x one bed) extending to 5,304 sqm (57,092sqft).

internally, 45 of the 74 units have been refurbished to a high standard with quality new kitchens, contemporary bathrooms and

No. Of Units 74

Floor area (sqm/sqft) 5,304/57,092

Occupancy 100%

No. of refurbished units 45

No. of un-refurbished units 29

Current rent reserved – (pa)

£526,340

ERV (pa) £685,000

Total site area1.538ha

(3.8 acres)

hard wood flooring. The remainder of the flats are in good letting condition.

There is ample off street parking across the estate.

The total site area extends to approximately 1.538ha (3.8 acres).

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only

and although believed to be correct accuracy is not guaranteed.

Unit Size No. of unitsMax Floor Area (sq ft)

Min Floor Area (sq ft)

Av Floor Area (sq ft)

Total

1 bed Flat 15 431 333 386 5786

2 bed House 33 1135 585 802 26471

3 bed House 20 947 833 904 18072

4 bed House 6 1162 1095 1127 6763

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ST MICHAELS GATE

ST MICHAELS

GATE

Location

The properties are located in St Michaels Gate, Parnwell, in the north eastern area of Peterborough. Parnwell is a residential area, lying adjacent to the old Newark Village. St Michaels Gate is bounded by Parnwell Way to the north and east, providing easy access to Peterborough town centre as well as the A1 motorway which provides routes to London and beyond.

Peterborough Railway Station is approximately 5.6km (3.5 miles) to the South West of St Michaels Gate, which is best accessed through the local bus network or by car.

Peterborough is a cathedral City in the East of England. It is situated 121km (75 miles) north of London, 63.4km (39.4 miles) north of Cambridge and 138.9km (86.3 miles) east of Birmingham.

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Bristol

Bath

Cardiff

Swansea

Gloucester

Cheltenham

Swindon

Oxford

Milton Keynes

Reading

Aylesbury

Basingstoke

CrawleyHorsham

Maidstone

RoyalTunbridge Wells

LONDON

Chelmsford

ColchesterFelixstowePort

IpswichBedford

Cambridge

Norwich

Great Yarmouth

Lowestoft

King’s Lynn

Newmarket

Stevenage

Stansted

Luton

Leicester

Birmingham

Coventry

Worcester

Stoke-on-Trent

Derby

Nottingham

M62

M54

M6

Manchester

Sheffield

Leeds

York

Liverpool

Preston

Harrogate

MiddlesbroughDarlington

Stockton-on-Tees

Hartlepool

Sunderland

Newcastleupon Tyne

Edinburgh

GlasgowFalkirk

Stirling

Aberdeen

Perth

Dundee

Inverness

Plymouth

Exeter

Torquay

Southampton

Portsmouth

Bournemouth

BrightonEastbourne

Hastings

Southend-on-Sea

London Gateway

Ramsgate

Dover

Folkestone

Kingston upon Hull

Scarborough

Lincoln

Carlisle

Dumfries

Salisbury

WinchesterTaunton

Weston-super-Mare

Newport

M62

A1(M)

M11

A47

M1

M1

M6

M45

M69

M42 A47

A47

M1

M1

M1

A1

A1

M4

A1(M)

M40

A131

A133

A12

A14

A14A14

A57

A14

A120

A120

A12

A12

A13

A23

A272

A22

A21

A26

A130

M25

M25

M25

M23

A1(M)

PETERBOROUGH

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PETERBOROUGHSTATION

PETERBOROUGHPARNWELL

NEWBOROUGH

MANORDRIVE

MARHOLM

LONDON

Economy

Peterborough has a population of circa 188,400. This grew by 2.1% between 2011 and 2013 and exceeds the growth experienced in England during this period of 0.7%.

Peterborough is currently the subject of major inward investment. There is a £100m regeneration of the North Westgate area with a large mixed use development due to be completed by 2017/2018. There is also an approved £120m mixed use regeneration project, Fletton Quays, which will further strengthen the economic future for Peterborough once completed.

The East of England has the second lowest unemployment rate of any UK region – at 4.5%. The government’s M11 corridor regeneration initiative is expected to create 17,500 jobs with the population estimated to grow to 200,000 by 2020.

Key facts:

> Area of substantial regeneration – both private and public investment

> 19.1% of residents in Peterborough living in the private rented sector, against the UK average of 18%.

The East of England experienced the highest rate of house price growth as a region at 8.4% (annual), compared to 7.6% in the South East, and 6.6% in London.

The asset offers an attractive opportunity to purchase an efficient and high quality rental platform predicted to capture both rental and capital growth over the coming years.

Savills rental and capital growth forecast for the area are as follows:

Capital Values 2016 2017 2018 2019 20205

years

East of England 6.5% 4% 4% 3% 2% 21. 0%

Rents 2016 2017 2018 2019 20205

years

UK Mainstream 3% 3% 3% 3% 3.5% 16.5%

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ST MICHAELS GATE

Tenancies

The properties are currently 100% fully occupied subject to 71 ASTs and 3 assured tenancies.

The current rent reserved is £526,340 per annum. We estimate that the ERV is in the region of £685,000 per annum following refurbishment of all the units.

Property No. Of Units Floor area (sqm) Floor area (sqft)Current rent reserved (pa)

ERV (pa)

St Michaels Gate 75 57,092 5,304 £526,340 £685,000

Tenure

The property is held freehold.

Sample Floor Plans

FLAT 31

FLAT 31

3 bed Ground floor551 sq ft

3 bed First floor584 sq ft

ST MICHAELS

GATE

Reception Room

Dining Room

Bedroom

Bedroom

Store

Landing Landing

Bathroom

Bedroom

Kitchen

Lobby

Shower Room

Reception Room

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ST MICHAELS GATE

ST MICHAELS

GATE

Important Notice

Savills, their clients and any joint agents give notice that:

They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.

Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

Designed and Produced by Savills Marketing: 020 7499 8644 | February 2016

Sales Process

The property is offered by way of private treaty.

Should a closing date be set for the submis-sion of offers all parties who have expressed an interest will be notified at the appropriate time.

Viewings

A limited number of set viewing days are to be scheduled. Viewings are by appointment only, via the vendor’s selling agents. Savills and Allsop.

Further Information

A full suite of property information (including EPCs) is available in the data room:

www.peterboroughandhorsham.com

Contacts

For further information please contact:

James Laverack Tim Theakston 020 7016 3770 020 7344 2607 jlaverack@savills.com tim.theakston@allsop.co.uk

George Hepburne Scott Adam Kerven 020 7016 3761 020 7344 2628 ghscott@savills.com adam.kerven@allsop.co.uk

Davina Clowes James Hood 020 7016 3838 020 7344 2637 dclowes@savills.com james.hood@allsop.co.uk

ST MICHAELS GATE