Key Facts
Office conversion to 85 quality student studios plus 1 commercial office to the ground floor (Ashbrookes Estate Agency Office)
- This centrally located 1700sqm building was used by the Department of Works and Pensions as a job centre location who have now relocated.
- Sunderland University is high in popularity and has recently opened a new medical faculty making it an attractive choice for high acheiving students from both home and abroad.
- Student accommodation in Sunderland is in short supply and there are already local sudent developments on John Street which are now full and oversubscribed.
- This development is located equdistance from both Sunderland university campsites so it will appeal to all students.
- Timeframe - 18 months
- Purchase price – £650,000 including VAT
- Development cost – £4,200,000
- Total development cost - £4,900,000
- GDV – £8.5m
- Development profit - £1,500,000