The UK’s leading provider of luxury student accommodation, Vita Student, has announced the launch of its latest development in the heart of Manchester. The £25million project will comprise of 280 self-contained luxury apartments, all finished to a hotel standard, along with a 5,400 sq ft student hub offering pool tables, communal imacs, lounging and study areas. When completed it will be the only student accommodation of its kind in the city.
Properties will have a starting price of £83,000 with investors being assured a very healthy 9% rental yield.
Vita Student Manchester will be located on First Street, a superb central location within easy walking distance of all of the city’s universities, main train stations, shops, bars and restaurants. The location and spec of the properties will undoubtedly make the accommodation highly desirable to the students assuring maximum occupancy.
The Manchester project comes off the back Vita Student’s extremely successful £27 million Liverpool project, a three phase development launched in 2012. This has proved so popular with investors that the first two sites are already sold out and only 95 properties remain in the third building.
Vita Student properties will be sold to individual investors who are looking for alternative investment schemes to the more traditional investment methods. Investors purchase one or more units, which are then rented out on their behalf. The rental of all the units is combined and then, once management fees have been deducted, all owners receive an equal share. In addition to an extremely healthy rental yield individual purchasers benefit from any capital appreciation on their property when they decide to sell it.
Vita Student properties are predominantly focused at the UK’s growing number of international students of which there are a large number already going to Manchester’s universities. In fact, with over 10,000 foreign students at the University of Manchester alone, the region has more international students than most other university cities in the UK.
Vita Student director Giles Beswick commented on why investing in student property is such a smart move. He said: “For the second year in a row student property has been named the UK’s top asset class. The main reasons for this are that the UK has some of the world’s greatest universities attracting huge volumes of foreign students, and the fact that student accommodation across the country is running at 99% capacity.
“When you consider that the average rental yield in London is five per cent, you can understand what a fantastic opportunity Vita Student Manchester provides.”
Luxury properties appeal to foreign students as they pay a considerable amount for the privilege of studying in the UK, and if they are paying five star prices many may expect five star accommodation.
Giles continued: “Right from the outset we wanted a Vita Student development in Manchester, as not only does it have the second and fifth largest universities in the country but two of the best as well.
“UK Student accommodation is changing rapidly and I’m proud to say that Vita Student is leading the way.
“The old image of a student landlord having to be on call 24 hours a day is fast disappearing and is being replaced by a hassle-free asset which, other than the initial purchase, requires no further action from the investor.”
The self-contained units all include en-suite shower-rooms finished with porcelain tiling, a kitchen area with fully integrated appliances, lacquered cabinetry, corian surfacing, as well as broadband and flat screen TV.
Every student also has access to the 5,400 sq ft ‘student hub’ that includes food retail, gym, pool tables and gaming area, communal imacs, laundry room, lounging and study areas. The complex itself has 24 hour security, key fob entry and secure bike storage and aims to open its doors to paying students in September 2014.