Commercial property agency Bond Wolfe has sold a modern student accommodation block in Worcester which could produce nearly £500,000 rent a year for more than £2.5 million.
Bond Wolfe sold Sansome Hall at 1 Sansome Walk in the city centre to a private investor for £2,510,000 on behalf of the joint receivers at Kroll.
James Mattin, managing director of Bond Wolfe, explained that the building contains 83 spacious en suite bedrooms plus a warden’s flat across five storeys.
He said the property was currently 89% let producing £451,200 rental income per annum, with the potential for this to increase to £497,400 per annum once fully let.
Mr Mattin said: “After a competitive bidding process, we are delighted to have successfully sold Sansome Hall on behalf of the joint fixed charge receiver.
“This successful sale followed a robust marketing campaign, with interest received from a wide pool of buyers attracted by the strong annual income and potential for further growth.”
Mr Mattin added that the new owner intended to hold Sansome Hall for the long term, driving up the rental income through focused asset management.
Built in 2008, the quality managed accommodation occupies a prominent position just off the A38 and close to the city centre’s core retail pitch, next to Foregate Street Station.
This location is around 0.25 miles from the University of Worcester’s City Campus, and with St John’s campus just 1.4 miles away.
There are 18 rooms on the ground, first and second floors, 15 rooms and the warden’s flat on the third floor and 14 flats on the fourth floor, with space totalling around 21,284 sq ft.
All rooms include en-suite shower rooms, a single bed, desk and wardrobe. They are organised as cluster flats, with each cluster containing between six and ten bedrooms which share an open plan, fully equipped communal kitchen and dining area.
