0.47 Ac(0.19 Ha)
Guide price £2,850,000

Apollo House, 71 Looe RoadExeter, EX4 4BW

  • Under offer

Key features

  • Purpose built block of 33 self-contained studio apartments
  • Prime location for the University of Exeter campus
  • Passing rent of £240,053
  • Gross Yield of approximately 8.4% (NIY 6.75%)
  • 13 car parking spaces

Student Accommodation Investment Opportunity

About this property

  • The site is broadly rectangular in shape and extends to 0.19 HA (0.47 acres). The block of student apartments were built in 2011 and occupy the western part of the site, with car parking to the south accessed by a gate directly off Looe road, with trees and open space occupying the remaining space. In total there are 33 studio apartments all with en-suite showers and kitchen area. The apartments are situated across four floors, and accessed via two separate staircases, with 10 x apartments on the ground and first floors, 9 x apartments on the second floor and 4 x apartments on the third floor. The apartments vary in size from 18 sq m (194 sq ft) to 29 sq m (312 sq ft).

Local information

  • The property is located on Looe road off Bonhay road to the west of Exeter city centre adjacent to the River Exe. The apartments are well located for the University and for public transport, with the University campus approximately 0.96 km (0.6 miles) north east of the property and the main railway station Exeter St David’s only 0.32 km (0.2 miles) north, which provides direct trains to London and Bristol. In addition Exeter Central railway station and the City centre High street are approximately 0.64 km (0.4 miles) to the east.

Additional information

  • The University of Exeter is one of the top universities in the world, a member of the Russell Group and ranked 12th in the UK according to the Times Good University Guide 2019. It has a student population of 23,613 (21,625 full-time students) and holds an applicant per place ratio of 7.5. The University has experienced strong growth rates equating to 4.19% CAGR over the past 6 years. Based on that growth rate as a forecast proxy, the full-time student population within Exeter is forecast to grow to 26,548 by 2021. Although there are a number of new purpose built student accommodation (PBSA) schemes being developed in the city, the current Exeter student market offers encouraging supply and demand dynamics, with the University provision of PBSA equating to only 5,660 bed spaces, equating to 31% of the full time student population. There are a further 3,503 beds currently under private operation, which reflects just 16% of the full-time student population, and a total current stock of PBSA of only 42%.