Riverside Capital has performed a rolling refurbishment of its Newcastle student HMOs, just in time for the new academic year. The 44-bed collection of properties in the popular Jesmond area of Newcastle has been updated in line with the high standard of Riverside Capital student properties, with all rooms now occupied, and rents paid in full. The works have delivered premium student housing to the Newcastle market and will allow us to achieve a projected rent of £110pppw in the forthcoming academic years, sitting 11.1% above current average market rents. In addition, a further three bedrooms have also been created at the properties. These will come into play in the 2021/2022 academic year, providing further rental uplift.
Riverside Capital has completed the first phase of construction works at Sherborne House, 119-121 Cannon Street. The works, which form the first phase of an overall scheme to refresh and re-brand the building, include the installation of a brand new reception area, lifts, cycle storage and shower facilities. The completion of these works is an exciting milestone for the project, with phase two of the refurbishment - an extension of the property - due to commence in Q4 this year. Riverside Capital is currently in talks with regard to new lettings, and hopes to announce details soon.
Riverside Capital has achieved planning permission to make improvements to its student properties in Newcastle. The permissions will allow for the addition of six bedrooms, bringing the total number of bedrooms across the Newcastle element of the portfolio up to 50. Such improvements mean that, once let, the additional bedrooms will boost the income from these properties - based on current income levels - by at least 14%. The student properties, sitting within the upmarket area of Jesmond, have already seen a positive income boost, with a 6.4% uplift in 2019/2020 on the previous academic year. Riverside Capital's Student Housing Portfolio also holds a collection of student HMOs in the popular Wavertree area of Liverpool and will be expanding in 2020 to include further properties in Cardiff.
Riverside Capital has commenced works to improve Sherborne House, 119-121 Cannon Street. The rolling refurbishment programme has begun with improvement works to the reception and lift renovations. Works have also started to provide communal cycle storage and shower facilities to the building at basement level. Sherborne House was acquired by Riverside Capital investors in May 2018 for a total of £47,150,000. Current works are reflective of Riverside Capital's strategy to re-position the property as a prime asset in the heart of the City of London. If you would like to know more about this, or current investment opportunities, please contact a member of the team.
Riverside Capital has achieved planning consent to improve and extend Sherborne House, 119-121 Cannon Street. This permission will allow us to gain an additional 4,167 sq. ft. of lettable floor area at 5th and 6th levels as well as new roof terraces to each of these floors. In addition, the planning consent will enable us to improve the reception area, and provide communal cycle storage and shower facilities to the building. View More
Riverside Capital has moved offices to occupy a new corner of Mayfair. One Heddon Street, a brand new building provided by the Crown Estate, is the company's new home. Riverside Capital is enjoying its new location in the heart of the West End and is happy to support sustainability and healthy places and habitats, in occupying one of the first WELL approved buildings in the area. We look forward to welcoming friends of Riverside Capital to our new location, details of which can be found here.
Riverside Capital has completed another purchase for the Student Housing Portfolio in the second of its target cities, Newcastle. 3-6 Portland Terrace - comprising eight, five and six bedroom apartments spanning a continuous row of four properties - was purchased by Riverside Capital investors for £2,925,000 million, or £66,477 a room. View More
Riverside Capital has let a retail unit in Leeds, part of its 2016 forward funding project comprising three retail properties, to One Below Limited. The unit, previously occupied by Poundworld Retail Limited, has been let for a ten year term with upward only rent reviews. View More
Riverside Capital has achieved planning consent from Hackney Council to extend and improve the office areas on the fourth floor of Old Street Works, 197-205 City Road. The permission grants us the ability to add a potential 1,000 sq. ft. extra to the space, which would add significant value to the property. View More
Riverside Capital has completed on nine student houses in Liverpool; the first properties in its Student Housing Portfolio. The houses, purchased for £3,330,600, are all currently let to students and sit within the popular Wavertree area. Each have six to eight bedrooms and are excellently located to benefit from the city’s growing student population from its five universities. The completion marks an excellent start to the Riverside Capital Student Housing Portfolio, which aims to purchase approximately £15,000,000 in student houses across Liverpool, Cardiff and Newcastle. We have investment opportunities available. If you would like to know more, please contact a member of the team.