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Streatlam Towers Student Halls: Planning Permission Granted!
August 4, 2010Article by Ray Withers
… AND ONLY FOUR UNITS LEFT AT £45,000!
This week has seen a major breakthrough with the granting of planning permission for the development of Streatlam Towers, in central Liverpool, into accommodation for students. This will be nothing like the drab, Stalinist-looking ’Halls of Residence’ or Spartan college accommodation that some of can us remember from our youth. Instead, each of the 39 student units or ‘pods’ will be fully furnished, with a flat screen TV and internet access. Students will have the use of communal bathrooms, kitchens and living areas, with a gym and a computer room for good measure.
There are 36 units, of which 32 have been sold. The ‘pods’ are an excellent investment opportunity. At a cost of only £45,000, you can expect a net yield of 8.9% and a gross income of £5,355 per year. A supply of tenants is guaranteed throughout the year and, according to Knight Frank, rental growth in this sector remains strong: 5% per annum over the last six years, compared to 0.6% for commercial property.
Streatlam Towers is a new departure for Property Frontiers, following our recent success with Beacon Building, also in Liverpool. It is a recession-proof area as, during the economic downturn, many are staying in higher education, while other return to eduction to gain new skills. The number of returning postgraduate students has risen to 24% of all students. In addition to this, the number of overseas students is rising fast. The profile of the ‘student’ is changing. Most are still in their early 20s studying for three or four year degrees (or somewhat longer for medics), but a growing number are mature people with work experience who are acquiring new skills.
Liverpool has over 80,000 students in 3 universities that are highly regarded at home and abroad. Streatlam Towers is within easy reach of all of them and benefits from its position in the centre of a city that is undergoing a cultural and economic renaissance and has a proud history. It is an imposing listed building, once the first Museum of Japanese Art in the UK – and it will now combine old-world elegance with practical modern comforts.
Written by: Aidan Rankin