Meanwood Rd | Leeds LS7 2DH
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Meanwood Rd
Leeds LS7 2DH
The Leather Works PBSA · Multifamily Property For Sale · 80 Units
Investment Highlights
- The asset provides a gross operating income of £3.41m and a net operating income of £2.41m.
- The Leatherworks offers a robust mix of inflation-linked income and potential for substantial rental growth
- Asset management opportunity to add an additional 59 beds (subject to planning) and £400,000+ to the NOI
Executive Summary
Seeking offers in excess of £35,000,000 (Thirty-Five Million Pounds), reflecting an NIY of 6.46%, assuming full purchaser’s cost of 6.77%. This reflects an exceptionally low price of £76,000 per bed. Subject to contract.
Purpose-built student accommodation comprising 460 beds, within 13 minutes of Leeds Arts University and 17 minutes of the University of Leeds.
• Leeds is home to five major higher education institutions with 70,000 students based in the city. The student population has grown by over 20% over the past five years.
• Supply of PBSA is severely constrained in Leeds with only 24,000 of the 70,000 students having access to PBSA.
• Year-on-year rental growth in Leeds between 2023-2024 was 12% and is set for further growth given the attractive local student to bed ratio of 2.9:1.
• The Leather Works has been comprehensively refurbished over the last 2 years to provide 100% en-suites. Amenities include an on-site gym, games room, study spaces, communal lounge and parking.
• The Leather Works benefits from a four-year Nominations Agreement with Leeds Arts University, over 64% of the rooms rising to 77% by Year 4. The nominations agreement benefits from annual RPI linked uplifts (2.5% - 4% p.a.).
• The asset provides a gross operating income of £3,421,947 for the 2024/25 academic year. This equates to a low rent of £150 per en-suite per week, which offers reversionary potential versus comparable schemes achieving £250+ per week.
• The net operating income for academic year 2024/25, after deducting opex is £2,413,476 pa.
• Asset management opportunity to add 59 additional beds within the existing car park offering the potential to add an additional £400,000+ per annum to the net operating income.
• Strong ESG credentials, with EPC ratings A or targeting A. The landlord has invested in an Emporia Energy system that uses smart technology to enhance energy efficiency and utilises solar panels to generate a £21,020 utility saving p.a
Purpose-built student accommodation comprising 460 beds, within 13 minutes of Leeds Arts University and 17 minutes of the University of Leeds.
• Leeds is home to five major higher education institutions with 70,000 students based in the city. The student population has grown by over 20% over the past five years.
• Supply of PBSA is severely constrained in Leeds with only 24,000 of the 70,000 students having access to PBSA.
• Year-on-year rental growth in Leeds between 2023-2024 was 12% and is set for further growth given the attractive local student to bed ratio of 2.9:1.
• The Leather Works has been comprehensively refurbished over the last 2 years to provide 100% en-suites. Amenities include an on-site gym, games room, study spaces, communal lounge and parking.
• The Leather Works benefits from a four-year Nominations Agreement with Leeds Arts University, over 64% of the rooms rising to 77% by Year 4. The nominations agreement benefits from annual RPI linked uplifts (2.5% - 4% p.a.).
• The asset provides a gross operating income of £3,421,947 for the 2024/25 academic year. This equates to a low rent of £150 per en-suite per week, which offers reversionary potential versus comparable schemes achieving £250+ per week.
• The net operating income for academic year 2024/25, after deducting opex is £2,413,476 pa.
• Asset management opportunity to add 59 additional beds within the existing car park offering the potential to add an additional £400,000+ per annum to the net operating income.
• Strong ESG credentials, with EPC ratings A or targeting A. The landlord has invested in an Emporia Energy system that uses smart technology to enhance energy efficiency and utilises solar panels to generate a £21,020 utility saving p.a
PROPERTY FACTS
| Price Per Unit | $555,414 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 6.46% | Lot Size | 2.67 AC |
| Tenure | Freehold | Building Size | 91,587 SF |
| No. Units | 80 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Dormitory | Parking Ratio | 0.21/1,000 SF |
| Price Per Unit | $555,414 |
| Sale Type | Investment |
| Cap Rate | 6.46% |
| Tenure | Freehold |
| No. Units | 80 |
| Property Type | Multifamily |
| Property Subtype | Dormitory |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 2.67 AC |
| Building Size | 91,587 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Parking Ratio | 0.21/1,000 SF |
Unit Amenities
- Microwave
- Storage Space
- High Speed Internet Access
- Refrigerator
- Oven
- Tub/Shower
- Wi-Fi
- Breakfast Nook
- Built-In Bookshelves
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Fitness Center
- Property Manager on Site
- Security System
- Furnished Units Available
- Media Center/Movie Theatre
- Wi-Fi
- Bicycle Storage
- Elevator
- Maintenance on site
- Multi Use Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 80 | - | - |
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