Hemmingway acquires property in Worcester City Centre location.
Hemmingway, the owner and manager of premium student and commercial property in the West Midlands and South West, are pleased to announce that the organisation has exchanged contracts to acquire the freehold interest in 49 Upper Tything (the "Property") in Worcester for £315,000 (excluding costs). The acquisition is expected to complete in April 2018.
49 Upper Tything is situated within an established student area in Worcester’s city centre. The Property is currently retail on the ground floor with 4, 1 bed flats on the upper floors.
Due to start in the summer of 2019 the building will be converted into a high specification student accommodation scheme comprising 10 en-suite bedrooms with communal space. The scheme will also allow for 2 studio pods and a retail offering on the ground floor. The Property is situated within the city centre and within easy reach of the main railway station, Worcester Foregate Street. Within easy reach of Worcester’s retail centre and within ten minutes' walk from the academic facilities of the University of Worcester.
The scheme will be completed for the 2019/20 academic year and will be let through Black Pear Lettings along with Platinum Property. Lettings agents are due to start marketing using CGI imagery and GJS Dillons are appointed to tenant the retail unit.
GJS Dillons completed the structural surveys along with initial development valuations, Setfords advised on the legal matters and Octopus are providing the senior debt and a post completion term facility.
Hemmingway are actively seeking other quality opportunities for which funds are available. Please contact Drew Hemmingway or Philip Jones on 01386 366 100 to discus further.