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Glasgow’s multi-billion pound regeneration extends to student housing with the refurbishment of Central House in the city centre
November 15, 2012Article by Ray Withers
Scotland’s largest city, home to some 1,750,000 people, Glasgow is a city in constant change. From the significant urban regeneration seen in the 1960′s which resulted in the city being awarded European Capital of Culture status in 1990, to today’s 21st century transformation in the form of the £6 billion Clyde Waterfront Regeneration project, no corner of Glasgow is forgotten and that includes its ever growing student population.
Boasting a rich educational heritage, Glasgow is home to four main universities including the fourth-oldest university in the English-speaking world, the University of Glasgow with 23,000 students from more than 120 countries. Ranked 3rd in the UK by the International Student Barometer with undergraduate satisfaction levels of 90% and 54 in the QS World University Rankings 2012, the University of Glasgow remains in the top 1% of institutions in the world.
The city does however have a chronic shortage of student accommodation with only 9,395 purpose built beds for 52,255 full time students who attend the four main higher education institutions. As the experts at Jones Lang LaSalle report, “the undersupply of dedicated student accommodation in Glasgow nearly rivals that of London” and the city has been identified as an “undersupplied market” by Savills due to the chronic shortage of 42,760 beds.
As Ray Withers, Chief Executive of multi award-winning property investment agency, Property Frontiers, explains,
“As a rapidly growing university city, attracting both domestic and increasingly international students, the need for purpose built student accommodation is higher than ever. CBRE states that the undersupply could be as high as 9 full time students for every bed space and despite having 2,595 beds in the pipeline, demand far outstrips supply and it is this fundamental imbalance which should drive prices consistently higher.”
Indeed UK student accommodation has never been more attractive to investors with a record breaking £2 billion already ploughed into the sector so far this year according to CBRE data and with local student letting agent, G4 Properties stating that “demand for student accommodation in Glasgow is extremely high and year upon year since 2009 the number of student enquiries that we have dealt with has risen steadily” the outlook looks positive.
Looking to the future, Withers comments,
“Having sold over 500 student property units to date across the UK, we have not only seen the market grow rapidly but also how the demands of today’s higher education student population have shaped the type of purpose built properties being constructed. From small single rooms to ensuites as standard and spacious studio apartments, our research reveals that students’ accommodation expectations have risen considerably in recent years and that is why we are proud to present next generation student living at Central House, Glasgow.”
Exclusively available through Property Frontiers, Central House’s high calibre studios are exactly what today’s students want yet remains one of the lowest priced student studios projects on the market today. Located in the heart of Glasgow city centre, just minutes from the train station, campuses and banks of the Clyde, an existing building will be fully refurbished into 66 self contained studios available to rent from £125 per week. In addition to the spacious studios, the building will also meet the communal needs of the students with an entertainment and games room, landscaped outdoor terrace, laundry rooms, a concierge and CCTV as well as broadband throughout.
Not only attractive to students but investors alike, Central House offers 9.2% NET yield assured for 3 years as well as full management by the developer with a 15 year track record in residential & student property and local student letting agents, all for a £53,500 requiring a deposit from just £31,750.
With limited units available, contact Property Frontiers today on +44 1865 202 700 for more information.
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