Image Credit: Annie Watson
Nouse research from Freedom of Information requests have revealed how much income the University makes from rent paid out by the shops in Market Square.
We asked the University to provide the amount of rent it collected from Market Square for this year and the past five years, and we found that over the past five years the University has made £376000 in rent from the shops in Market Square alone.
Surprisingly however, the amount of rent the University makes from Market Square has been slowly depleting each year, starting out at £99000 in 2015, then dropping by £17000 to £82000 in 2018. So far in 2019 the University has made £33000, but with only four months left of the year from when this data was collected, it can be presumed that the amount of rent annually collected may drop again.
Nouse contacted the University as to why this rent has dropped, they said:
“At Market Square we’ve had a number of tenants moving out for re-location reasons or because leases have ended. The space vacated at Market Square is now occupied by the University for office and storage purposes.” Which explains why the rent earnt from Market Square has dropped.
It is clear then that, despite the slight drop in the amount of rent collected, the University is making a considerable amount of money from Market Square. We are not aware of how the money from rented properties on campus is being used by the University.
Nouse was unable to obtain the exact figures for the shops on Campus East, as the first rented unitstarted trading in 2018, and thus the annualised data is not yet available. However, we were told that the shops were advertised to thirdparty companies at £20000 per annum (including service charge). This leaves the estimated income from Kimberlow Hill at something around £100000 per year, if the four retails units at Campus East are paying this proposed amount in rent per year.
With this added income included in the rent solely made from Market Square, this would leave the University’s total income from rented properties (excluding Halifax Nisa) per annum at about £182000, using the Market Square 2018 data.