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Forward Funding, PRS Development in Sheffield, United Kingdom

Sheffield
,
United Kingdom
DEAL
001098
POSTED ON
October 23, 2020
INVESTMENT SUMMARY
IRR
NA
Multiple
NA
LTV
NA
First Year CoC
5%
Stabilised CoC
5.15%
Status
Funding
Deal #
001098
Asset Class
Residential
Strategy
Development
Capital Type
Full Stack
Deal Size
£
35.2
m
Investment Size
£
35.2
m
Holding Period
NA
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INVESTMENT HIGHLIGHTS
  •  The site occupies 2.5 acres and is located in the northwest of the city centre, in Sheffield city centre ring road. The site splits into two development plots both being developed by the Sponsor: 663 bed student scheme and, a 260 private residential scheme together with associated 48 car parking spaces. A new publicly accessible space between the buildings provides access to both schemes.
  • The site also includes a Grade 2 Listed cementation furnace. This Scheduled Ancient Monument will remain a key feature of the residential scheme. In terms of public transport, the site is served well with Sheffield Supertram running along with the nearest stop some 2 minutes walk.  Sheffield railway station is only 15 minutes walk south of Hoyle Street providing regular services within the region. It also provides regular services to London, Birmingham, Bristol and the South West.
  • The residential block comprises a range of studios, one bed and two bed units arranged around the cementation furnace and with views over the Furnace Hill Conservation Area and Kelham Island. The 260 PRS Apartments compromises of the following residential mix: 29 Studio Apartments, 151 One Bedroom Apartments, 74 Two Bedroom Apartments and 6 Two Bedroom Duplex Apartments.
  • The building will feature a GIA of 16,626 sqm and a net area of 121,416 sqft. The expected gross rental income of the property is £2.4m or equivalent of £16.7 psf  or £9,200 per apartment per annum in average.
  • Considering operating and void costs of 23% the property net annual projected income is £1.85m.  At a 5.15% yield, the estimated gross development value on a forward funding basis is £35.2m.
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Enterprise Sponsor
The Sponsor started in the construction industry during the 1980’s. After delivering numerous high quality projects throughout the UK and Europe they entered the Property Development sector. Building on these strong foundations, the Sponsor have since become a highly respected name in the UK Property Market. Working closely with their valued clients and investors, they continue to deliver a diverse range of high quality investment projects in the UK. Their highly experienced team specialise in the identification and acquisition of land and the procurement of planning permissions in locations suitable for the development of Purpose Built Student Accommodation (PBSA) and Private Rented Sector (PRS) Apartments across the UK. Their current pipeline expects to deliver further 5,000 Student bedrooms and 2,000 apartments over the next 3 years.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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INVESTMENT SUMMARY
Strategy
Development
Asset Class
Residential
LTV
NA
Deal Size
£
35.2
m
Closing
Capital Type
Full Stack
Investment Size
£
35.2
m
Net IRR
NA
Multiple
NA
Holding Period
NA
INVESTMENT DETAILS
  •  The site occupies 2.5 acres and is located in the northwest of the city centre, in Sheffield city centre ring road. The site splits into two development plots both being developed by the Sponsor: 663 bed student scheme and, a 260 private residential scheme together with associated 48 car parking spaces. A new publicly accessible space between the buildings provides access to both schemes.
  • The site also includes a Grade 2 Listed cementation furnace. This Scheduled Ancient Monument will remain a key feature of the residential scheme. In terms of public transport, the site is served well with Sheffield Supertram running along with the nearest stop some 2 minutes walk.  Sheffield railway station is only 15 minutes walk south of Hoyle Street providing regular services within the region. It also provides regular services to London, Birmingham, Bristol and the South West.
  • The residential block comprises a range of studios, one bed and two bed units arranged around the cementation furnace and with views over the Furnace Hill Conservation Area and Kelham Island. The 260 PRS Apartments compromises of the following residential mix: 29 Studio Apartments, 151 One Bedroom Apartments, 74 Two Bedroom Apartments and 6 Two Bedroom Duplex Apartments.
  • The building will feature a GIA of 16,626 sqm and a net area of 121,416 sqft. The expected gross rental income of the property is £2.4m or equivalent of £16.7 psf  or £9,200 per apartment per annum in average.
  • Considering operating and void costs of 23% the property net annual projected income is £1.85m.  At a 5.15% yield, the estimated gross development value on a forward funding basis is £35.2m.
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to forward fund a residential development scheme in Sheffield, UK. The development will feature 260 PRS and is located in the north west of the city centre on a 2.5 acre site. The Sponsor is a renowned UK developer focusing in PRS and PBSA with +20 years experience and is looking to sale this exciting development in a forward funding basis.
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