Ernest Place Rennys Lane, Durham, Durham, DH1 2GY, UK

Ernest Place

Asset description

Ernest Place opened in 2017 and offers a modern, state of the art PBSA asset with high-end facilities.

Best–in-class amenities include fitness suite, glass walled sky lounge, roof terrace, spa, cinema room, study room, bookable kitchen and common room.

High specification bedrooms including ¾ sized beds, flat screen wall mounted tv’s, integrated dishwasher in all cluster flat kitchens and studios.

Only c. 15 mins walk / c. 5 mins cycle from Ernest Place to the St Hild and St Bede College of Durham University.

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Units

362

Occupancy

100%

Year built

2017

Ernest Place opened in 2017 and comprises 362 bedrooms in a mixture of ensuite rooms in cluster flats and studios.
The property benefits from market leading amenity spaces including fitness suite, sky lounge and cinema room.
Ernest Place has a strong letting track record with 100% lettings in AY22 and AY23.
There is currently a Nomination Agreement to Durham University for AY23, covering all beds in the scheme.
Significant reversionary potential of c.9% is anticipated into AY24 due to low rental price points, particularly for the ensuite bedrooms.
Durham is a structurally undersupplied city with a material shortfall of student accommodation, over 10,000 students are unable to access university or private PBSA.
PBSA operators in Durham are reporting strong demand in the City with full lettings ahead of cycle.
Development pipeline in Durham is restricted due its heritage status and restrictive planning environment.
Durham has experienced a c.13.5% increase in full-time student numbers in the last two years and no PBSA schemes have opened since 2018 in the city.
Freehold title