Student block Fountain Hall in heart of Portsmouth up for grabs for £10m with Savills
GOT a spare £10m? A ‘unique’ property in the heart of Portsmouth containing student flats, a restaurant and a bar has gone on the market.
The Fountain Hall, in Edinburgh Road, is being marketed by commercial property company Savills - and promises an investor £1.35m per year in gross income.
The property, formerly home to Lloyds No 1, was bought by a Southsea development firm in 2017 and converted into 137 en-suite and fully catered student rooms. It is also home to two restaurants – Noodels and Street Balls.
Kevin Marsh, head of licensed leisure at Savills, said the property has attracted lots of interest since it was listed last month.
Kevin said: ‘Fountain Hall has been recently developed and has been heavily invested into. When you open the door of the building it looks good. The interior has been tastefully fitted out to a good standard, it feels like a great property.
‘It is in a great location as well. From an investment perspective, it is an excellent proposition as there are not many student halls of residence of that size that are fully let and catered. There is very little competition in this area. It would make a great investment.
‘It appeals to a lot of investors. We have seen a lot of interest as it is a relatively unusual property for a student hall, especially with such a high level of occupancy.’
The property, which is next to Cascades Shopping Centre and close to Portsmouth and Southsea train station, has the potential to add two further storeys, subject to planning, as well as a large basement.
The student bedrooms rent for between £135 and £210 per week. All bedrooms are let on a 48-week basis, catered and fully occupied, and this generates an annual turnover of £972,000.
Kevin added: ‘Our client has developed this property and has decided that now is the right time to sell having completed the renovations. It is fully occupied and we have had a lot of enquiries about it. It is a relatively easily managed student halls of residence, it has a very loyal clientele and is an unusual property in a great location. It is a very popular opportunity.’
For more contact Savills on (023) 8220 0212