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Student Property Developments
Student accommodation is continuing to be one of the strongest property investment markets, with new projects given the go-ahead monthly. Sheffield is the latest city to be the target of developers, with plans submitted to the council to convert a former gym in the city centre into a 26 bedroomed complex. Guy Illingworth is the investor behind the scheme, which will create much needed student accommodation on King Street, the Postcode Gazette reported. Sheffield is one of the UK’s top university destinations, with a student population of approximately 48,000, and is thus a prime target for developers. If approved, Mr Illingworth’s plans will see the gym’s refurbishment take place over two floors, with 13 bedrooms for post-grads and a new gym on the first floor. Thirteen student bedrooms will be created on the second floor, as well as a lounge and kitchen facilities. In a planning document submitted to Sheffield Council and seen by the newspaper, it stated: “The gym has been redundant for some time. The student accommodation proposal will provide attractive accommodation for students who desire to live within the city centre. As a result this could have the potential to aid Sheffield University in attracting students as there are so many local amenities in close proximity and strong transport links.” The document added that the building is currently deteriorating and the refurbishment will ensure its survival, without harming its overall aesthetics. The submission of the plan follows the decision of Bolton Council to give the go-ahead to two new student accommodation blocks. In a move that will take the town one step closer to becoming a university hub, 87 rooms will be created through the conversion of the historic former Mechanics Institute in Mawdsley Street, the Bolton News reported. The building, which was built in 1868, has been empty for ten years and is located next to the J2 nightclub. Developers Hurstwood Holdings have promised that the new accommodation will be sensitive to the original structure, which lies in a conservation area.
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*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.