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Riverside North 64 Unit Apartment Building £12,420,000 (£194,063/Unit) 10% Net Initial Yield Bedford MK40 1AS
INVESTMENT HIGHLIGHTS
- Bedford is a growing town in the southeast of England with a primary catchment population of over 300,000 people
- Secured to Premier Inn, Vue Cinema, Zizzi, Miller & Carter (Mitchells & Butlers Retail Ltd), Wagamama & Loungers
- 100 bedroom hotel let to Premier Inn Hotels Ltd at a low current room rate of £5,187 pa.
- Constructed in 2017, the property comprises a modern leisure, hotel and residential scheme
- A substantial 3 acre site and a combined total f loor area of 170,376 sq ft (15,828.4 sq m).
EXECUTIVE SUMMARY
Located in Bedford, a growing town in South-East England with a catchment of over 300,000 people and 8.5 million annual visitors, this modern leisure, hotel, and residential scheme was constructed in 2017 on a 3-acre site with a total floor area of 170,376 sq ft. The property is anchored by leading operators including Premier Inn, Vue Cinema, Zizzi, Miller & Carter, Wagamama, and Loungers, with circa 70% of income secured to Premier Inn, Vue, and Mitchells & Butlers.
The asset generates a net operating income of £1,325,372 per annum and benefits from a WAULT of 14.41 years to expiry and 10.51 years to break, with rent reviews scheduled for 2027. Held long leasehold from Bedford Borough Council (240 years unexpired) at a peppercorn rent, the property is offered via a Jersey-based SPV for a corporate deal. Bedford’s position as a leisure destination is reinforced by the recent closure of Cineworld out of town and the proposed first Universal Studios in the UK just 5km south, presenting a compelling investment opportunity.
The asset generates a net operating income of £1,325,372 per annum and benefits from a WAULT of 14.41 years to expiry and 10.51 years to break, with rent reviews scheduled for 2027. Held long leasehold from Bedford Borough Council (240 years unexpired) at a peppercorn rent, the property is offered via a Jersey-based SPV for a corporate deal. Bedford’s position as a leisure destination is reinforced by the recent closure of Cineworld out of town and the proposed first Universal Studios in the UK just 5km south, presenting a compelling investment opportunity.
PROPERTY FACTS
| Price | £12,420,000 | Property Subtype | Apartment |
| Price Per Unit | £194,063 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Costar Property Class | B |
| Yield | 10% | Total Plot Size | 2.22 ac |
| Tenure | Freehold | Property Size | 170,000 sq ft |
| No. Units | 64 | No. Floors | 5 |
| Property Type | Build-to-Rent | Year Built | 2017 |
| Price | £12,420,000 |
| Price Per Unit | £194,063 |
| Sale Type | Investment |
| Yield | 10% |
| Tenure | Freehold |
| No. Units | 64 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Costar Property Class | B |
| Total Plot Size | 2.22 ac |
| Property Size | 170,000 sq ft |
| No. Floors | 5 |
| Year Built | 2017 |
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