With a robust higher education sector that remains a top destination for students from around the globe, housing funds and companies all over the UK invest large sums in student accommodation schemes. That means they either build new student halls and houses “from scratch” or convert existing properties, such as former hotels or pubs, into private rented student flats.
The still very large number of students that enroll at UK universities and colleges every year leads to rising demand for affordable student accommodation. As a result, providing first-class support in securing a student room is a major challenge for modern student services and accommodation offices in particular. Simultaneously, the private rented sector has become an increasingly relevant source for student accommodation and the same development generates many lucrative opportunities for smart investments.
London remains a top spot for the business but there is also a lot of activity in various other cities across the country. Especially investments in private rented student halls have become more frequent in recent months. Here are few of the most prolific student accommodation projects that were announced in the last couple of weeks:
£40 million student accommodation scheme in Leeds (Watkins Jones Group): the city approved plans to build new student properties on the site of the former St Michael’s college and old police depot in Little Woodhouse. Once completed the new student homes will provide up to 320 spaces.
£77 million student accommodation deal in Manchester and Liverpool (Centurion Corporation): A company specializing in student dormitories plans to invest in over 1.900 beds in two of the UK’s biggest university cities, Manchester and Liverpool. The respective properties are in close proximity to the most popular campuses, such as University of Manchester, Manchester Metropolitan, and Liverpool’s John Moores University.
£137 million accommodation deal, UK-wide (USAF and Cordea Savillis): The Unite UK Student Accommodation Fund (USAF) has invested an enormous sum in over 2.900 student beds in nine locations across the UK, including Bath, Birmingham, Bristol, Bradford, Edinburgh, Leeds, Loughborough, Portsmouth, and Preston. This project increases the overall amount of student properties held by the fund to 68 in 22 cities, providing a total of over 24.500 student beds.
These examples shows how dynamic and vibrant UK student accommodation market is but they also imply what challenges lie ahead in terms of efficient accommodation management.
(Image courtesy of http://www.telegraph.co.uk/education/universityeducation/7952439/A-level-results-arranging-student-accommodation.html)