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On behalf of Administrators
The Quadrant, Shaw Street, Liverpool, L6 1HP
Prime FreeholdStudent Development
Excellent opportunitiesto enhance value
Development Summary• Freehold
• Part-built student block
• 240 bedrooms across 7 storeys
• Floor area of approximately 85,684 sq ft
• Site area of approximately 0.245 hectares (0.61 acres)
• Potential to construct two additional floors increasing accommodation to 312 bedrooms STP
• Prime student site within walking distance to Liverpool’s universities
• GVA are instructed to seek unconditional offers
LocationLiverpool is the UK’s fifth largest city and the commercial and administrative centre of the larger Merseyside area. Combined with Greater Manchester the two regions are the driving force of the £120 billion North West economy, the UK’s second largest with a 7 million population.
The City has witnessed significant change across a number of sectors over the past decade, with over £5 billion of inward investment delivered through private and public sector partnership. This investment has seen output increase within the City region itself to an estimated £25 billion. Liverpool and the wider region is the number one recipient of direct foreign investment in the UK outside of London and the South East.
Liverpool’s status as a UNESCO World Heritage Site is a major draw for tourism which combined with the cities maritime and musical links, numerous museums and galleries, the Liverpool Philharmonic Orchestra, the Echo Arena and with its sporting heritage attract an estimated £1.3 billion spend by visitors per year.
Liverpool has world class academic and medical institutions which underpin its large student population estimated at 50,000 - the UKs third largest - which coupled with the recent increase in inner city living, the residential and leisure markets have seen both growth and expansion through development and refurbishment across the city region.
SituationThe property is located in a prominent position on Shaw Street, close to its intersection with Islington Road North on the fringes of Liverpool City Centre.
Immediately opposite the property facing south is a faculty building for Hope University, part of their Creative Campus which includes halls of residence for the university, whilst behind the site and directly opposite to the north is a mix of Georgian and Victorian dwellings.
The property also benefits from being within a short distance of Liverpool John Moores University, the University of Liverpool, Liverpool Institute for performing Arts and the Liverpool School of Tropical Medicine.
The property is located within an established mixed student area and benefits from a selection of shops, bars and leisure activities in close proximity.
Access to the M62 and wider motorway network from the property is 3.5 miles east, via the A5080 Edge Lane, whilst Liverpool Lime Street - Liverpool’s main national railway station - is less than 1 mile south west.
A5050
A580
EVERTON ROAD
A5049 WEST DERBY ROAD
A57 KENSINGTON A57 A57 PRESCOT ROAD
MERSEY KINGSWAY TUNNEL
A59 SC
OTLA
ND
ROA
D
A50
38 V
AU
XH
ALL
RO
AD
A5038
A
5038
L
A565 G
REAT HO
WA
RD STREET
A5053 LEEDS STREET
B5182
A5046
A50
46
A565
A5036
DUKE STREET
A57 A57 DALE STREET
A5038
A5039
A
5038A561
A5039
A5039
A5047 A5045 EDGE LANE
A5045 EDGE LANE
A5045 EDGE LANE
B5178 WAVERTREE ROAD
B51
173
A580
GRO
VE STREET
A563
A580 BRECK RO
AD
MERSEY QUEENSWAY TUNNEL
QUEENSWAYTUNNEL
ENTRANCE
B5173 D
URN
ING
ROA
D
B
5173
B5173 GREAT H
OM
ER STREET
B5173
BRECKFIELD RO
AD SOUTH
FARN
WO
RTH STREET
NETHERFIRELD ROA
D SO
UTH
SHAW
ROA
D
EVERTON BROW
OXFORD STREET GRINFIELD STREET
HO
PE S
TREE
T
ROD
NEY
STR
EET
WATERLO
O RO
AD
EVERTON PARK
NEWSHAM PARK
WAVERTREEBOTANICALGARDENS
ROYAL LIVERPOOLHOSPITAL
LIVERPOOLLIME STREET
STATION
PEELWATERS
ALBERTDOCK
1115
61
1021A
121
41
10 14M56
M53
M6
M6
M6
M61
M66
M62
M67
M58
M57
M60
M62
M62
12
11
11
10
7
10
54
23
4
4 45
5
6
8
6
7
1
3
9
98
1011
14
1617
19
19
20
20
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21
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20
21
22
23
24
25
26
27
19
8 6
65
54
3 3
3
3
2
3
3
2
1
22
27 2625
24
23
12
15
98
765
4
3
2
1
M56
M6122
3
18
A5117 A41
A41
A557
A557
A533
A533
A533
A562
A580
A580
A565
A576
A565
A58
A6
A6
A58
A58
A6010
A627
A523
A5300
A56
A56
A556A537
A537
A537
A34
A34
A34
A54A51
A54
A540
A553
A49
A556
A494
A5119
A58
A57
BOLTON
SALFORD
ROCHDALE
OrmskirkFormby
Southport
MANCHESTER
OLDHAM
WIDNES
ELLESMEREPORT
BIRKENHEAD
Wallasey
Moreton
BOOTLE
Crosby
Heswall
SPEKE
ST HELENS
MACCLESFIELDNORTHWICHNORTHWICH
LIVERPOOL
Flint
River Mersey
ManchesterAirport
LiverpoolJohn Lennon
Airport
AINTREE
KNOWSLEY
HUYTON
WARRINGTON
Communications
Royal Albert Docks
Miles
Liverpool 1Shopping Centre
Miles
Liverpool Lime Street Station
Miles
Liverpool John Lennon Airport
Miles
Liverpool Echo Arena
Miles
Royal LiverpoolUniversity Hospital
Miles
Liverpool John Moores University
Miles
LHU Creative Campus
Yards
Queen Square Bus Station
Miles
There is also an abundance of local supermarkets, food outlets and bars/restaurants within easy walking distance making it a perfect location for student residential life.
Liverpool Hope UniversityCreative Campus
LiverpoolLime StreetStation St George’s Hall
LiverpoolEcho Arena
Mersey QueenswayTunnel
Royal LiverBuilding
RadioCity Tower
Royal Albert Docks
LiverpoolOne
Royal LiverpoolUniversityHospital
Everton Park
Museum ofLiverpool
Port of LiverpoolBuilding
LiverpoolJohn MooresUniversity St John’s
ShoppingCentre
MerseysidePolice
Peel Waters
DescriptionThe property is a purpose, part-built student accommodation block over 7 storeys that when complete will provide 240 student bedrooms across a mixture of cluster flat accommodation and studio apartments.
At ground level the building will be centred around a communal landscaped garden and internally will provide a reception area with a double height atrium incorporating communal break-out seating areas.
The completed block will also provide 26 car parking spaces and bike storage at basement level with vehicular access to the lower ground floor achieved via College Street North.
Construction work at the property is understood to have ceased circa 2 years ago.
A schedule of works to complete, plans and other documents are available to download on the GVA data room.
Existing SpecificationGenerally, works are further progressed to the lower storeys in comparison to the upper storeys.
The current specification of the property and remaining works required are detailed in the information pack on the GVA data room.
AccommodationThe property once completed will provide a total Gross Internal Area of approximately 7,960 sq m (85,684 sq ft) with the following accommodation:
Type Number of flats Bedrooms
Studio Flat 36 36
8 Bed Cluster Flat 2 16
9 Bed Cluster Flat 2 18
10 Bed Cluster Flat 6 60
11 Bed Cluster Flat 10 110
TOTAL 56 240
Site AreaThe site extends to approximately 0.245 hectares (0.61 acres).
PlanningApplication Number: 11F/2108
Full planning permission was approved in February 2012 for a student accommodation block comprising of 20 no. cluster flats and 36 no. studios (240 bedrooms) with landscaping and lower ground car parking and ancillary space.
Copies of the planning permissions and the design & access statement are available to download on the GVA data room.
We recommend that interested parties make their own enquires to Liverpool City Council.
CGIThe below Computer Generated Image is for illustrative purposes only.
Typical Floor Plan Layout
Asset Management OpportunitiesThe development provides opportunities to enhance the overall capital value and potential return including;
• Construct two additional floors - Potential for obtaining planning consent to construct two further floors onto the development which would add a further 72 studio rooms and increase the overall number of bedrooms within the scheme to 312.
• Alternative use – Subject to planning there may be the opportunity to convert the property to residential use.
Interested parties should rely on their own enquiries with Liverpool City Council.
Market CommentaryLiverpool has a large student market being home to over 50,000 students and is a Russell Group university city.
Liverpool has four major higher education institutions within the City Centre, being Liverpool University, Liverpool John Moore’s, Liverpool Hope and Liverpool Institute of Performing Arts, making it one of the largest regional student markets in the UK.
It is not only popular with domestic students, but also with foreign students who account for around 19.7% of all places taken.
The city has a high demand for purpose-built student accommodation as many of these institutions do not have enough purpose built accommodation to house their enrolled students. Therefore, the market is dependent on private accommodation of which there are currently over 60 private sector purpose built schemes within Liverpool.
The strong interest in the Private Built Student Accommodation (PBSA) sector which was seen in 2015 and 2016, continued in 2017 with over £4 billion of assets transacting. There is a structural shortfall of PBSA in most of the UK and the supply of private student accommodation has failed to keep pace with the increasing demand.
Research shows that rental values on average have increased across the UK with the highest growth in cities where development has been restricted over recent years, such as Liverpool, and for accommodation which is more affordable such as cluster flat type rooms as opposed to studios and apartments.
Investing in UK student accommodation provides steady rental growth, the ability to deliver a stable income and the long-term demand associated with it.
Development Summary Location/ Situation Description Accommodation Asset Management / Market CommentaryPlanningAerialCommunications
TenureFreehold.
TenancyVacant Possession.
EPCThe subject property is yet to be completed and we therefore understand an EPC is not required in accordance with Section L1A of the Building Regulations.
VATEnquires are being undertaken in respect of the VAT position.
ProposalGVA are instructed to seek unconditional offers for the freehold interest.
Each party will be responsible for their own legal costs.
Evidence of funding will be required upon submission of all offers.
Further InformationAccess to a data room providing a full information pack can be provided to interested parties.
To discuss the opportunity in greater detail and to arrange a viewing please contact:
Sholom Cohen0161 956 [email protected]
Chris Walker0161 956 [email protected]
gva.co.uk/14367
GVA is the trading name of GVA Grimley Ltd an Apleona company. ©2017 GVA. GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA.