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How are developers attracting students to their luxury developments?

How are developers attracting students to their luxury developments?

The academic year is nearing its conclusion and many students will be finishing their studies in May. Once final assignments and exams are completed in mid-to-late May most will relax in their accommodations whilst they wait for their lease to expire in June.

Applications to universities for the 2017/2018 academic year have already been reported as very healthy and roughly in line with what was reported last year. First year students from across the UK and the world are still keen to study in one of the most desirable higher education sectors on Earth. It is easy to forget that the UK remains as attractive as ever for its culture, prosperity and prestige. There will always be students looking to come here and, subsequently, there will always be students looking for high quality rental accommodation.

As wealthy international and domestic students become an ever-increasing part of the student rental market, more and more developers are going all out in order to provide some of the swankiest facilities in their projects.

Investment into the sector has already hit historic highs over the last few years with new developments launched regularly in cities across the UK in response to growing demand. So what lengths are some companies going to in order to attract students to their accommodation?

Ernest Place, Durham

A new development in the North East, this 362 bedroom, four storey building is being built in the shadow of the Tesco Extra in the area and is aimed at students from Durham’s colleges, as well as other regional universities. Prices for the accommodation, which will have a concierge service, range from £125 a week to £240 a week depending on which room you reserve.

According to the Sunderland Echo, a sauna, cinema room, sky lounge and dinner party rooms will all feature in the development. The developer says that the student market is changing rapidly and, with students having more money than ever before to select the best accommodation, they’re betting that students will pay a little extra for the high end amenities on offer.

Greyfriars House, Coventry

This former newsagent in Coventry, a booming student city, is being redeveloped to offer 38 student flats at the 1960s office building on Greyfriars Lane. The proposals will be for a mixture of one, two and three bedroom flats which between them would be able to accommodate 98 students.

Far from the basic facilities offered up by the local university digs, these flats will have access to their own private cinema and state of the art gym as well as luxury furnished common rooms.

An ever-increasing student population in Coventry is starting to look at facilities that catch the eye and offer better value for money than traditional university halls.

Oxpens, Oxford

This £32.5m, 514-bed scheme recently approved in Oxford will serve students at the University of Oxford and the surrounding colleges and is due to be built on the site of the existing Oxford Business Centre.

The development is part of a wider £200 million development plan by the city council which is hoping to completely transform the area for shared use by businesses, students and residents.

The developers have put a real focus on environmental issues and it is hoped that the carbon footprint of the development can be significantly lower than similar projects around the country.

Taking a different line to perhaps the luxury focused competitors also building in the area, it is hoped that environmentally conscious students will find the green focus of the development to be an attractive feature.

Whether developers are looking at innovations for luxury, space, architecture or environmental impacts of their projects, it is quite clear that a significant amount of resources are going into the research, development and construction of new and more impressive student structures.

Looking to invest in a modern student buy-to-let apartment? Have a look at our available investments and get in touch today!