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Student Property Development
The UK is continuing to increase its student accommodation stock, with a new development recently approved in Cambridge. The Liverpool property group Downing has won the planning permission for a 354 bedroom student accommodation project in the CB1 regeneration scheme in Station Road, the Cambridge News reported. Work will begin imminently and is expected to be completed by autumn 2014. For Downing, the development marks just one part of their GBP 75 million plans to deliver three six-storey blocks totalling 586 bedrooms. Paul Houghton, development director at Downing, told the newspaper: “This is one of the most desirable university cities in the world with a vibrant and expanding student population. Our scheme will provide the highest-standard affordable accommodation to keep up with growing demand.” This is just the latest in the deluge of student accommodation development approvals taking place across the country, as buyers recognise the property investment potential of these units. What's more, with the UK currently experiencing a shortage of high-quality student accommodation stock, there are plenty of opportunities for investors to enter the market. Sheffield has also recently approved a student accommodation development, giving permission to Guy Illingworth to convert a former gym in the city centre into a 26 bedroomed complex. Located on King Street, the refurbishment will take place over two floors, with the first boasting 13 bedrooms for post-grads and a new gym, the Postcode Gazette reported. On the second floor, a further 13 bedrooms will be offered for students, in addition to lounges and kitchen facilities. A planning document submitted to Sheffield Council explained: "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.” Mr Illingworth asserts that the refurbishment will also prevent the building from deteriorating and ensure its survival.
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