Amber Beat: Student Accommodation Market News - July 2023, Week 04

About Amber Beat

Missed keeping track of all the latest happenings in the student accommodation market?

Amber Beat is a weekly snapshot of the key developments in top student accommodation markets.  This newsletter provides you with all the information you need to know, from new upcoming projects to current trends, news affecting students to government policies, we’ve got you covered!

Amber Beat | News from July 22- July 27, 2023

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United Kingdom

• Unite Student secures £300 million investment for two new developments amidst imminent supply crisis and high occupancy levels - includes a 952-bed project in Stratford (ES)
• Stalled 218-bedroom student accommodation redevelopment by Ladson Preston to be sold due to rising costs and lack of capital - UK Bridge Loans appoints Marsh Lyons to carry out the sale (PNW)
• Locals in Westwood Way, Coventry sign petition against 6 storeys, 544-flat PBSA development plans citing threats of dominating the skyline (PR)
• Queens’ College Cambridge to challenge Council’s rejection of its 60-room student accommodation plan in its existing residence, Owlstone Croft; locals launch a crowdfunding campaign to respond in favor of rejection (Varsity)

New Construction (United Kingdom)

• Gilliard Homes and Aspley House Capital joint venture to develop 850-room student accommodation at Old Sainsbury’s former Supermarket site in Birmingham (BL)
• £42 million St Crispin student accommodation with 684 beds to be ready by August 31st, rentals commence at £175 per week, move-in starts on September 16th, property will be managed by Yugo students (EDP24)
• Investment company Seller secures permission for King’s Place- a 444-flat PBSA project, flexible office and retail space development, aiming to get BREEAM Excellent rating for sustainability (SH)
• Developer Fabrix proposes redevelopment of former Southwark Council offices into student accommodation, number of rooms undisclosed (Southwark News)

United States of America

• Balfour Beatty Campus Solutions has announced the opening of new on-campus student housing at William & Mary. The $240 million project will begin in July 2024 and is anticipated to be completed by fall 2025, with a total of 1204 beds (MC)
• Eastman Companies received a $16 million loan from Knighthead Funding to convert 'CCU,' a 437-bed student housing complex in Myrtle Beach, South Carolina, into a 149-unit multifamily property (Connect)
• According to the National Student Housing Report, the US student housing industry continues to observe rent increases, with June marking the 5th consecutive month registering a 7% increase (CRE)
• California Governor Gavin Newsom signs the "Addis Housing Bill" to address student housing challenges. The bill, which targets student housing affordability and homelessness, is scheduled to go into effect on January 1, 2024 (Atas)

Australia

• French construction giant Bouygues expands into the Australian student accommodation sector with a $105 million 19-storey tower project in Newcastle, housing 560 students, in partnership with UniLodge (UD)
• Senator Pauline Hanson demands Albanese Government ban foreigners from owning property in Australia, citing $2.4 billion spent by Chinese investors in 2021-22 (Dailymail)
• Rise in International Students intake fuels 10% surge in rental costs for off-campus housing in Australia (NC360)
• Group GSA wins Design Excellence Contest for Newcastle's first purpose-built student housing complex with the 560-bed tower to transform the city centre (AAU)

Europe

• Resa University Residences become a safe and affordable second home for students gaining popularity amid soaring rental prices in Madrid (idealista)
• Dutch Company “Student Experience” to open high-end student residences in Spain with 520-furnished studios in Granada's Health Technology Park by 2024 (LVG)
• Amidst the DCU student housing crisis, local residents are urged to rent spare rooms tax-free as students struggle, rental income exempt upto €14,000 annually in Dublin (Dlive)
• An Taisce opposes Limerick hotel conversion into student accommodation in Ireland, citing the negative impact on City's Georgian character, 116-bed spaces are under scrutiny (IE)
• France's Strasbourg ranks 11th for the student housing crisis, with over 2 requests per accommodation, rents exceeding €500, and Afges student association calling for better regulation and higher scholarships (francebleu)

Canada

• MPI Group proposed a revised redevelopment plan for 294 Sherbourne Street in Downtown Toronto with a 423- student bed residence (urbantoronto)

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