Student Flats Set to Replace Lincoln Pub
17th Apr 2019
Three blocks of student accommodation at Abertay University have been put on the market.
Described as an investment opportunity, the student accommodation can house 144 people and is up for sale for offers over £4 million.
Kingsway Apartments in Dundee offers a projected yield of £600,000 a year, according to the agent Shepherd Chartered Surveyors.
Consisting of 38,400 sq ft, the building is in the north of the city off Alloway Place and was used as purpose-built student accommodation (PBSA) in the 80's and was refurbished in 2013 and 2017.
The site comprises of three three-storey blocks of six flats with eight single bedrooms and a shared lounge-kitchen.
Commenting on the site, Jonathan Reid, partner at the Dundee office of Shepherd Chartered Surveyors, said: "Situated on a prominent location adjacent to the outer ring road, the Kingsway Apartments are HMO granted and income producing, with a projection of £600,000 per annum."
"Enjoying excellent working relationships with universities and colleges in the city, long-term contractors use stretching back 20 years makes this site an excellent investment opportunity."
"With solid long-term corporate customers and university take up, as well as the huge demand for quality affordable student accommodation in Dundee, we anticipate keen interest in this opportunity. The 3.9 acres site offers potential for redevelopment and conversion to alternative uses. All interested parties should make their own enquiries to Dundee City Council Planning Department."
17th Apr 2019
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