Castlebank Street - Investment Sales

Castlebank Street
Glasgow
Prime student accommodation
development site within a 10 minute
walk of a Russell Group university.
Castlebank Street. Glasgow
Executive
Summary
Prime, consented, student
accommodation development
site within a 10 minute walk of
The University of Glasgow, a
member of the Russell Group of
leading UK research universities.
•
Located in Glasgow - the
largest city in Scotland
and third largest in the
United Kingdom with
five Higher Education
Institutions (HEI’s) and
almost 54,000 full time
students (HESA 2013/14).
•
Situated in a prime position
in Glasgow’s West End,
a vibrant neighbourhood
which is home to a
large student and young
professional population
with some of the best
bars, pubs and restaurants
the city has to offer.
•
2.33 acre
development plot.
•
The site occupies a
strategic position between
Peel’s Glasgow Harbour
mixed use regeneration
scheme and The
University of Glasgow’s
£80m redevelopment
and extension of
its main Gilmorehill
campus onto the former
Western Infirmary site.
•
The site benefits from
planning consent for a 310
bed purpose built student
accommodation scheme
(sui generis) comprising
199 en-suite cluster
beds and 111 studios.
•
The University of Glasgow
is the dominant Higher
Education Institution (HEI)
in Glasgow with a market
share of 42% of the full
time student population
in the city. Founded in
1451, it is the fourth
oldest university in the
English speaking world.
•
The makeup of student
demand created by
The University of
Glasgow holds positive
implications for demand
for Purpose Built Student
Accommodation (PBSA).
•
We are instructed to seek
unconditional offers for
the site or for the Special
Purpose Vehicle (SPV) in
which the site is held.
Castlebank Street. Glasgow
Location/
Situation
Glasgow Botanic Gardens
The site is located in a prime position in Glasgow's
West End, approximately 4.5 kilometres from
the city centre. The West End is a vibrant
neighbourhood centred around Byres Road and
the surrounding lanes, most notably Ashton Lane
which is home to some of the best bars, pubs
and restaurants the city has to offer. The West
End is home to The University of Glasgow and its
students and is the most progressive academic
and cultural district in the city.
Dumbarton Rd
Partick SPT
Kelvinhall SPT
Morrisons
Byres Rd
Hillhead SPT
Ashton Ln
University of Glasgow Main
Gilmorehill Campus
University of Glasgow Western
Infimary Campus Extension
Kelvingrove Park
Kelvin Hall International
Sports Arena
Kelvingrove Art
Gallery & Museum
Site
Glasgow Harbour
Sauchiehall St
Riverside Museum
River Clyde
The site is located in very close
proximity to the University of
Glasgow’s main Gilmorehill
campus comprising its grand
main building and many of
the University’s teaching
and research facilities. The
University acquired the former
Western Infirmary site in
2013 which adjoins the main
Gilmorehill Campus. Its £80m
redevelopment of the site and
refurbishment of parts of the
existing campus is central to
the University’s strategic vision
for the future, which in turn will
underpin its growth.
commercial element which
wraps around the city’s new
Riverside Museum, which
opened in June 2011. Glasgow
Harbour also features around 50
acres of open public space, and
approximately 3km of waterfront
walkways.
Immediately to the south west
of the site, sits Peel’s Glasgow
Harbour development. The 130acre, high-quality mixed-use
scheme is one of the flagship
projects of the Clyde Waterfront
regeneration. Residential
Phases 1 and Phase 2 (Stages 1
and 2) are complete with further
phases to follow, including the
Partick and Kelvinhall SPT
Subway stations are located
minutes from the site providing
fast and efficient access to
Glasgow City Centre. There
are also several frequent bus
services to the city centre from
Glasgow’s West End.
The surrounding area is a mix
of residential, commercial,
retail and academic uses in
addition to purpose built student
accommodation including
Downing’s West Village,
Hyndland House (Derwent) and
Thurso Street (Unite).
Castlebank Street. Glasgow
Description
The site is broadly rectangular in layout and
comprises 2.33 acres on a plot of brownfield
land. The site is bounded by Castlebank
Street to the north, the River Kelvin to the
south and to the west by an embankment
and elevated railway line serving Partick and
linked stations.
Tenure
Accommodation
The land is held under Title
Numbers GLA34117 and
GLA158994 and is free from
heritable encumbrances.
The scheme has a total Gross
Internal Area (GIA) of 102,838
sq. ft, featuring 11,138 sq. ft.
of front and back of house
space on the ground floor
along with two studio rooms
and one, five bed cluster flat.
DESIGN
Programme Brief
•
DESIGN
310 ROOMS
(minimum no.)
70 % CLUSTER FLATS
On 23 December 2015 planning
consent was granted by
Glasgow City Council for the
erection of a 310 bed purpose
built student accommodation
scheme (sui generis) and
associated ancillary works under
reference number 15/01329/DC.
The site occupies an important
position in development
corridor linking the extension
and redevelopment of the
University’s Gilmorehill campus
with Peel’s 130-acre, Glasgow
Harbour high-quality mixed-use
development.
Timescales allow the
development to commence and
reach practical completion by
September 2017.
•
Floor
Accessible Total
Cluster
Cluster
Cluster / Rooms / Rooms /
Rooms /
KITCHEN
AREA PER
CLUSTER FLAT
Floors/ LIVING
Floors
Floors
Floors
Studio
Rooms /
Floors
Accessible
Studio
Rooms /
Floors
Total
Studio
Rooms /
Floors
Total
Beds /
Floors
Gnd•
1
5
0
COMMUNAL
LOUNGE
/ AMENITY
AREA 5
2
0
2
7
30% STUDIO
FLATS
Cluster
Programme Brief
•
310 ROOMS (minimum no.)
70 % CLUSTER FLATS
30% STUDIO FLATS
•
1st
KITCHEN / LIVING AREA PER
CLUSTER
FLAT4
• LOBBY
•
2ndAREA
COMMUNAL LOUNGE / AMENITY
•
3rdAMENITY AREA
4
LOBBY RECEPTION INFORMAL
•
ANCILLARY FACILITIES
•
23 INFORMAL
1 AMENITY 24
RECEPTION
AREA
4
23
ANCILLARY FACILITIES
Refuse Stores
24
12
1
13
37
12
1
13
37
5th
Accessible1Sanitary Facilities
4 Communal23
24
12
1
13
37
•
ADMINISTRATION
8th
•
9th
Total
SECURE CYCLE 23
STORE
1
24
12
1
13
37
22
1
23
12
1
13
37
4 Reception 21
1
22
12
1
1 Post Room 4
1
5
4
1
5
10
102
9
111
310
4
ADMINISTRATION
Offices
34
•
PLANT AREAS
•
SECURE EXTERNAL LANDSCAPED AMENITY AREA
Car free
37
37
24
•
Additional design requirements:
13
13
1
7th
Offices
1
1
1
SECURE CYCLE STORE
Post Room
12
12
23
•
24
4 Refuse Stores
23
Communal Accessible Sanitary
6th Facilities4
Reception
1
4th
Laundry
Laundry
The proposed development
comprises 199 en-suite cluster
beds and 111 studios, which
is summarised below:
DESIGN
13
37
Programme Brief
190
9
199
•
PLANT AREAS
•
SECURE EXTERNAL LANDSCAPED AMENITY AREA
•
310 ROOMS (minimum no.)
70 % CLUSTER FLATS
30% STUDIO FLATS
Total Number of Cluster Rooms (Standard & Wheelchair Accessible)
Additional design requirements:
Layoutefficiency:minimisecirculation-buildingtoworkfrom
inside out
•
KITCHEN / LIVING AREA PER CLUSTER FLAT
• COMMUNAL
LOUNGEAccessible)
/ AMENITY AREA
free
Total NumberCar
of Studio
Rooms (Standard
& Wheelchair
Security :- design to achieve “Secure by Design” accreditation
Layoutefficiency:minimisecirculation-buildingtoworkfrom
• LOBBY RECEPTION INFORMAL AMENITY AREA
outSpaces
Total Numberinside
of Bed
• ANCILLARY
Security :- design to achieve
“Secure byFACILITIES
Design” accreditation
199
111
Laundry
Refuse Stores
Communal Accessible Sanitary Facilities
•
SECURE CYCLE STORE
•
ADMINISTRATION
Reception
Post Room
310
Castlebank Street. Glasgow
Glasgow Student Market
Glasgow is home to five HE institutions, including The University of
Glasgow, ranked 25th in the UK (Times 2015).
FT student
population
University
of Glasgow
Glasgow
Caledonian
University
Glasgow
School of Art
University of
Strathclyde
Royal Conserv.
of Scotland
22,560
13,065
1,720
15,230
915
CAGR 2008-2013
4%
0%
1%
0%
5%
Number of
international
students
3,930
1,395
295
1,625
145
% of international
students
17%
11%
17%
11%
16%
Change in UCAS
applications
2011-2014
8%
8%
3%
3%
n/a
UCAS app:
accepts ratio
7.4
6.6
9.7
6.4
n/a
Times Rank
25
81
n/a
42
n/a
The University of Glasgow is
the dominant Higher Education
Institution (HEI) in Glasgow with
a market share of 42% of the
full time student population in
the city. Founded in 1451, it is
the fourth oldest university in
the English speaking world and
is a member of the prestigious
Russell Group of leading UK
research universities. It has an
annual research income of more
than £181m. The University
of Glasgow is ranked 25th in
the UK (Times 2015) and 62nd
globally (QS World University
Rankings 2015).
The University of Glasgow
has a significant international
student population with almost
4,000 in 2013/14 from more
than 140 countries worldwide.
The University is rated third in
the UK for international student
satisfaction (International
Student Barometer Summer
2013).
The makeup of student demand
created by The University
of Glasgow holds positive
implications for demand for
PBSA. Over the period 2008/09
to 2013/14, its UK students from
outside the region, EU students
and international students have
grown by 28%, 145% and
108% respectively.
Full Time Students
2000
4000
6000
8000
10000
12000
Regional
Rest of UK
28% >
EU
145% >
International
108% >
2008/09
2013/14
14000
Castlebank Street. Glasgow
Investment /
Development
Considerations
Rare opportunity to secure a prime, consented student
accommodation development site.
•
Largest city in Scotland
and third largest in the
United Kingdom.
•
Five Higher Education
Institutions (HEI’s) and
almost 54,000 full time
students (HESA 2013/14).
•
•
•
•
Situated Glasgow’s
West End, a vibrant
neighbourhood and
progressive academic and
cultural district.
Strategic position
between two of Glasgow’s
largest regeneration
and redevelopment
schemes in Peel’s
Glasgow Harbour and The
University of Glasgow’s
£80m redevelopment
and extension of its main
Gilmorehill campus.
•
Highly accessible site with
excellent bus and SPT
subway connections to
Glasgow City Centre and is
within a 10 minute walk to
campus.
Exposure to the dominant,
Russell Group institution
in the city (42% of the full
time student population
in the city) and one of the
leading UK and World
universities. Founded in
1451, it is the fourth oldest
university in the English
speaking world.
The University of Glasgow
is creating significant
demand for purpose built
student accommodation
- 28%, 146% and 108%
growth in UK students
from outside the region, EU
students and international
students respectively
between 2008/09 and
2013/14.
•
Strong rental growth
prospects.
•
Large development plot
extending to 2.33 acres.
•
Planning consent for a 310
bed purpose built student
accommodation scheme
(sui generis) comprising
199 en-suite cluster beds
and 111 studios.
•
Planning consent to
develop a highly liquid
asset with scale in terms of
bed spaces numbers and
operational efficiencies.
•
Attractive aspects with
water views to attract
premium pricing.
•
The University of Glasgow
is rated 25th in the UK
(Times 2015) and 62nd
globally (QS World
University Rankings 2015).
Tax
Proposal
We understand the transaction
will be subject to Land &
Buildings Transaction Tax (LBTT)
and VAT. The site is owned in a
Special Purpose Vehicle (SPV)
which can be made available to
the purchaser.
We are instructed to seek
unconditional offers for the
site or for the Special Purpose
Vehicle (SPV) in which the site
is held.
Further information is available
on request.
Castlebank Street. Glasgow
Contact
For further information, please contact:
Simon Lowe
Mike Mitchell
Cushman & Wakefield
1 Marsden Street
Manchester, M2 1HW
Cushman & Wakefield
1 Marsden Street
Manchester, M2 1HW
T: 0161 455 3745
E: [email protected]
T: 0161 455 3797
E: [email protected]
Sophie Magee
Cushman & Wakefield
1 Marsden Street
Manchester, M2 1HW
T: 0161 455 3778
E: [email protected]
DTZ Debenham Tie Leung
Limited (C&W) gives notice to
anyone who may read these
particulars as follows: 1.These
particulars are prepared for the
guidance only of prospective
purchasers. They are intended
to give a fair overall description
of the property but are not
intended to constitute part of
an offer or contract. 2. Any
information contained herein
(whether in the text, plans or
photographs) is given in good
faith but should not be relied
upon as being a statement
or representation of fact. Any
potential purchaser, lessee
or third party should satisfy
themselves by inspection or
otherwise as to the correctness
of each of them. 3. Nothing
in these particulars shall be
deemed to be a statement
that the property is in good
condition or otherwise nor that
any services or facilities are
in good working order. 4 The
photographs appearing in this
brochure show only certain parts
and aspects of the property at
the time when the photographs
were taken. Certain aspects
may have changed since the
photographs were taken and it
should not be assumed that the
property remains precisely as
displayed in the photographs.
Furthermore no assumptions
should be made in respect of
parts of the property which are
not shown in the photographs.
5. Any areas, measurements
or distances referred to herein
are believed to be correct but
their accuracy is not guaranteed
and they do not form part of
any contract. 6. Where there is
reference in these particulars
to the fact that alterations
have been carried out or that
a particular use is made of any
part of the property this is not
intended to be a statement
that any necessary planning,
building regulations or other
consents have been obtained
and these matters must be
verified by any intending
purchaser. 7. Descriptions
of a property are inevitably
subjective and the descriptions
contained herein are used in
good faith as an opinion and not
by way of statement of fact.
As of September 2, 2015, DTZ
and C&W have combined
under a new common brand.
Notwithstanding our new
branding, our underlying legal
entities have not changed,
including their names.
February 2016