The changing face of student accommodation
Student accommodation is a booming area of the property market. Real estate specialists CBRE’s latest report shows that investors spent £2 billion during the first nine months of 2012, a jump of 145% over the same period in 2011, with more than half the total investment outside London.
This is also another property sector in which demand is outstripping supply – Savills has suggested that just in London there will be a shortfall of more than 33,000 bed spaces by 2016.
The actual accommodation itself is very different from the kind of digs previous generations experienced. Scape Living – which plans to develop more than 2,000 student beds in central London over the next three years – has just opened a new student residential academic campus in Mile End which as well as providing 600 student beds for students offers 25,000sq ft of teaching facilities as well as its own Thai-fusion restaurant, wifi throughout, gym, and cinema room.
Scape COO, Tom Ward, said: “The market has evolved significantly over the last five years, particularly in London. Students are now consumers in their own right and demand a higher quality living experience and want to ensure their living experience matches the quality of their education.”student accommodation
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