Ernest Place_Property for Sale
Ernest Place_Property for Sale
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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Attributes

Number of units
362 units
Occupancy
100%
Year built
2017

Media

Investment Highlights

  • 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


Ernest Place 4_Property for Sale
Ernest Place 4_Property for Sale

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Ernest Place (0 Properties)

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Last updated
5 Apr 2024