34 | CASE STUDY | CAMPUS SERVICES
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SATISFYING STUDENTS WITH DESIGN-LED ACCOMMODATION
The student accommodation sector is one of the best- performing asset classes in the property world, and private student accommodation providers are seeking to maximise returns by raising students’ expectations
ABOVE: The Tramworks project by Fresh Student Living
The performance of student property over the last few years, in spite of a rise in university fees and living costs, has been exceptional. According to James Pullan, head of student property at Knight Frank, student property “has outperformed every other commercial property class”. Pullan believes that this is in part down to the
rise in student fees, which prompts “a ‘fl ight to quality’ by students”. Despite a signifi cant uplift in the number of people
applying for tertiary education, according to Pullan: “There is still a structural undersupply of purpose-built student accommodation in the UK.” It is that undersupply which makes the sector so
Martin Bartlet
at ractive to the nouveaux generation of student accommodation providers, who aim to please with their design-led schemes. So, gone are the days of students sleeping on broken mat resses or doing their own redecorating; good interiors and quality furnishing are now vital. PeelMount, the specialist universities furnishing contractors that recently merged with David Phillips, is receiving an increasing number of requests for design-led furnishing. “Landlords are fi nding that students demand higher-quality properties than they have in the past and good furnishing has become more important,” said Martin Bartlet , managing director at PeelMount.
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“Of all the asset classes in the property sector, I would say that student accommodation has the greatest need for furnishing,” added Bartlet . “Students simply will not rent a property that is unfurnished.”
This is no surprise in a market where the tenancies are shorter and the tenants are poorer, and even if students were to buy furniture, the thought of having to pay for removals costs after they graduate is the last
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thing on their mind. But it is the quality of furniture that the new providers are asking for which comes as a surprise. “Whereas in the past landlords were content providing basic furniture, the landlords that are approaching us now want high-quality furnishings,” said Bartlet . “They see it as a key diff erentiator that will enable them to generate higher returns.” “There is a bank of new student accommodation
providers who consider design to be important,” added Bartlet . “We are involved in a design-led project up in Scotland called Tramworks by Fresh Student Living, a growing provider with three or four projects on the go. “Most of the new players see design as a key selling
point, and accommodation is becoming really trendy, fi nished almost like a city apartment. And the providers are charging the rents to go with it.” New design-led accommodation is becoming a
lifestyle choice for students, with many now choosing between private student accommodation providers and university halls of residence. “With the budget cuts, many universities are
struggling to invest in student accommodation opening the door for increased private sector involvement,” explained Bartlet . “To ease the fi nancial burden on our university
clients, recently, we successfully applied for two framework agreements with purchasing consortiums across the UK covering the supply of white goods, student starter packs and window coverings. “At the moment, the majority of fi rst year students
still live in university halls of residence. For second and third year students, however, there is certainly a growing trend towards purpose-built private student accommodation. The days of having back street two up, two down student houses is disappearing quite quickly.” UB
Images: McColl Productions Limited
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