A student accommodation block that could produce £500,000 in rent annually has hit the market.

Sansom Hall in Worcester is up for sale with commercial property agency Bond Wolfe for offers over £3 million.

The structure is situated at 1 Sansome Walk, in the heart of the town centre.

 

 

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It contains 83 en suite bedrooms and a warden's flat across five floors.

Constructed in 2008, the building is currently 89 per cent let, pulling in £451,200 rents annually.

However, this figure could potentially rise to £497,400 once fully occupied.

James Mattin, managing director of Bond Wolfe, said: "This is an unusual and attractive opportunity to purchase a freehold student accommodation block in the heart of a busy university city.

"Sansome Hall provides an excellent hands-off investment opportunity in an ideal location for the student population in Worcester.

"The University of Worcester is highly regarded which attracts students internationally and has yet again achieved a ‘top five’ UK ranking for Quality Education."

Worcester News: Sansome Hall has a potential yield of £497,400 per year

"The property provides quality managed accommodation for students attending the university’s City Campus and St John’s Campus, just 0.25 miles and 1.4 miles away respectively."

Mr Mattin added: "A purchase at £3 million would represent a low capital value of £36,145 per room, although offers are being invited over this price level."

The block offers lift access to each level, and approximately £75,000 has been spent on improvements and maintenance across the building.

The property is roughly 21,284 square feet in total, with 18 rooms on the ground, first and second floors, 15 rooms and the warden's flat on the third floor and 14 flats on the fourth.

Worcester News: A fully-equipped open-plan kitchen and dining area serve each cluster

A fully-equipped open-plan kitchen and dining area serve each cluster of six to ten rooms.

Additional features include an on-site laundry room, a secure bike storage area, free wi-fi internet, and an intercom entry system.

Located just off the A38 and next to Foregate Street Station, the property benefits from a prominent position close to the town centre.

The property is currently managed by Black Pear Lettings with rooms let on assured shorthold tenancies, with each cluster flat holding an HMO License.