Tunnel Avenue, Greenwich, London SE10 0PL

We have pleasure in releasing our latest student development in London. Our latest development is 62 units, comprising of 52 Studio's and 10 en-suite units, situated in Greenwich, London SE10. Prices start from just £75,700 and net rental yields are 9%. Student accommodation is one of the “must haves” investments for the savvy property investor. There is a shortage of quality student property across London, some reports state the this to be as high as 100,000 currently*. One thing is for sure, the shortage is a real one that creates opportunities for the smart investor
*source Knight Frank 2011 Student Research

We are pleased to be able offer properties that come with a proven, professional management structure when coupled with a quality product and high occupancy rates make this sector very hard to beat. We carefully select our developer partners and locations to ensure that we bring you the very best there is to offer. Don't be fooled by certain unscrupulous development companies that have jumped on this bandwagon with poor quality properties and low calibre facilities, they don't offer anything like the long term investor value that our developer partners do. All of our developments offer outstanding yields and all come with the added bonus of having the first years rent assured for additional peace of mind. All of our student property deals come with with fixed price legal fees......all in all we believe that student accommodation is an educated investment and one that certainly adds up! Through the last few years we have seen a significant increase in the student accommodation market, this has been partly fuelled by many local authorities rescinding the licences of substandard providers and of course the HE review conducted in 2010 which changed the way the that funding is organised for Higher Education. Just these 2 changes are already having a marked effect on this sector and many, far wiser than us, now consider this sector to be a key asset class. The demand for schemes like Tunnel Avenue type and indeed all of our student developments has never been higher, for investment and rentals alike. Investors who hold this type of property add benefit from high yields and a truly hands off investment, add in the superb location of this development and we believe it to be a real winner. The main investment headlines for Tunnel Avenue are 62 units available No hassle, no voids, assured income for the initial 12 months Prices range from £75,700 up to £85,000 Units are self contained so can be refinanced, giving an exit strategy if needed. 9%+ NET income guarantee for 12 months 11.25% gross yield Minimum assured income of at least £6,815 per annum (paid monthly) Very high specification units Modern fitted kitchens and bathrooms Under 1 mile from Greenwich University On site laundry facilities Secure bicycle storage Each unit comes with an impressive 9% NET yield, made even more attractive by the fact that this is guaranteed for 12 months to get your investment off to a flying start. You will receive £6815, based on a first floor en-suite unit at £75,700. This represents a fantastic gross yield of 11.25%. These figures are truly amazing for Central London.

The Area

Tunnel Avenue is fantastically located just 0.8 mile from Greenwich University (white star) which has over 13,000 students and 0.5 miles from Ravensbourne College (red star) which has approx 1600, there are also two colleges for the dramatic arts at Bird College and The Rose Bruford both of which have significant numbers of students studying there and are located approximately three miles away Not only is the development within walking distance to Greenwich town centre with its numerous bars and restaurants it is only a 5 minute walk from the O2 arena on Greenwich Peninsula with all its attractions. The Olympic Village is only 2 miles away and the area is sure to benefit from the legacy that it will provide for leisure and sporting activities in the years to come. Specification The accommodation will be well appointed with high quality finishes. Each unit will be tastefully decorated with carpet, blinds or curtains, a work station, wardrobe and storage space. In the studios there will also be a kitchenette area and lounge chair. All rooms will have access to wi fi / internet connection and a plasma television will also be provided. The specification is designed to meet the needs of the modern and often international student whose families demand the best comforts and facilities available in a secure environment. In each of the common areas there will be a 42” plasma television in addition to fully fitted kitchen areas and leather sofas. Each floor will have communal kitchens and lounges and the development will provide, office facilities, on site laundry, bike storage and a management office.

Studio

Floor plans Unit types:

Included in the specification of each unit: High quality finishes. Fully & tastefully decorated with carpet, blinds or curtains. Workstation, wardrobe and storage space. Studios will also be a kitchenette area and lounge chair. All rooms will have wi-fi, internet connection and a plasma television.

Common areas: 42” plasma television in addition to fully fitted kitchen areas and leather sofas. Each floor will have communal kitchens and lounges and the development will provide, office facilities, on site laundry, bike storage and a management office. The specification is designed to meet the needs of the modern and often international student whose families demand the best comforts and facilities available in a secure environment.

Properties Available
# Unit Type Price Rent pw Gross rent pa Maintenance pa Mgmt pa Net Income pa Net yield

G5 G8 G9 F1 F2 F3 F4 F5 F8 F12 S1 S2 S3 S6 S7 S8 T1 T4 T5 T7 FF1 FF4 TF5

Studio Studio Studio Studio En-suite En-suite Studio Studio Studio Studio Studio En-suite En-suite Studio Studio Studio Studio Studio Studio Studio Studio Studio Studio

5 5 5 1 2 2 3 3 5 6 1 2 2 4 5 5 1 3 3 5 1 3 3

£85,000 £85,000 £85,000 £85,000 £75,700 £75,700 £85,000 £85,000 £85,000 £85,000 £85,000 £75,700 £75,700 £85,000 £85,000 £85,000 £85,000 £85,000 £85,000 £85,000 £85,000 £85,000 £85,000

£185 £185 £185 £185 £165 £165 £185 £185 £185 £185 £185 £165 £165 £185 £185 £185 £185 £185 £185 £185 £185 £185 £185

£9435 £9435 £9435 £9435 £8415 £8415 £9435 £9435 £9435 £9435 £9435 £8415 £8415 £9435 £9435 £9435 £9435 £9435 £9435 £9435 £9435 £9435 £9435

£1300 £1300 £1300 £1300 £1150 £1150 £1300 £1300 £1300 £1300 £1300 £1150 £1150 £1300 £1300 £1300 £1300 £1300 £1300 £1300 £1300 £1300 £1300

£450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450 £450

£7685 £7685 £7685 £7685 £6815 £6815 £7685 £7685 £7685 £7685 £7685 £6815 £6815 £7685 £7685 £7685 £7685 £7685 £7685 £7685 £7685 £7685 £7685

9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%

There are 62 units in total on the development.

Terms and Conditions
The Programme: The programme will consist of 4 phases: Reservation and planning permission Exchange and completion Construction Certificate of completion and beginning of unit rental These phases are described below: Planning Permission and reservation period A full request for planning will be made in early January 2012 to change the current 47 bedroom hotel to 62 student accommodation units comprising of 10 en suite rooms and 52 studios, this process is expected to be completed in March 2012. Bright Blue are taking reservations for the units prior to receipt of planning permission. The fee to reserve a unit is £5,000 and will be considered as partial payment for purchase upon exchange / completion. The reservation fee is non refundable if the investor should chose not to continue with the purchase for reasons of his / her own, however if for any reason the planning permission is not granted, then the full reservation fee shall be returned to the investor. Exchange and completion Upon notification of receipt of the planning permission from Greenwich Council Bright Blue Greenwich Ltd will request the exchange of the unit to take place within 21 days. The investor will pay part of the total purchase price £56,000 at the point of exchange and completion will occur when the development is complete and signed off by the relevant authorities. A portion of the exchange monies will be disbursed to Bright Blue Greenwich to complete the purchase the land (having already exchanged with the owner prior). The balance held with the solicitor for Bright Blue Greenwich only to be disbursed to the contractor upon the project architects instruction in accordance with the pre agreed building work schedule. Failure to exchange / complete within the prescribed time frame may result in the loss of the unit and reservation fee and or exchange monies. Investor’s solicitors will be given full relevant documents relating to the contract of sale and lease within a timeframe sufficient to detailed review and further enquires of any documents. Construction Disbursements form the solicitor account will be made to the building contractor only once the quantity surveyor and architect have inspected and signed off that particular stage of work required for funds disbursement, as such investor money is completely safeguarded.

Certificate of completion Upon completion, a final inspection of the development will take place by the architect who will issue his final architect certificate. A final inspection will be requested of Greenwich Council; upon passing this a certificate of completion will be issued to Bright Blue Greenwich by the local authority which means the building is ready for occupancy. The architects and Local Authority certificates will be forward to the buyer’s solicitor and a final payment request shall be formally made. In addition to providing regular construction updates, Bright Blue will also notify investors that the date of completion is drawing closer, approximately two weeks prior to actual completion of the works. Investors will then have 28 days from that notification of completion to forward the balance of the funds due for purchase, however failure to forward the balance of the funds will render the sale and lease contract null and void and all monies paid to date will be forfeit Bright Blue’s management company will liaise with the various Universities as completion draws near to schedule the move in of students. Immediately upon receipt of the completion certificate and HMO licences, Bright Blue will inform the relevant Universities that the building is ready for occupancy and work with them to place the students. Assurances In addition to the first year gross rental assurance as detailed above, Bright Blue will also assure that rental income at the accrued rate will commence 30th November 2012 regardless whether there is a tenant in residence or not. If Bright Blue Greenwich does not receive the certificate of completion on or before the 30th November for any reason other than circumstances beyond its control then the rental assurance shall be in effect from 30th November 2012 regardless of the state of completion of the development. Although the rental assurance will commence on the 30th November 2012 and accrue as described on behalf of the investor, these funds will actually be paid out to the investor on the first day of the month following receipt of the final payment of the purchase price, or within 10 days of receipt of the final payment whichever is the latter

Sign up to vote on this title
UsefulNot useful