Recent Developments in Student Accommodation : March 2023 Roundup

About: This section brings to you the collation of the new PBSA development in UK, which have been in news this week.‍

In the centre of the student housing crisis, UK universities and property developers are taking new and rapid initiatives to help students find a comfortable and safe place to stay. While plans are being submitted to the local authorities and governing bodies to acquire new properties and renovate existing housing accommodations, property developers are also reconstituting derelict buildings into PBSAs. Modern constructions and renovations are being incorporated with premium amenities to uphold the quality of student life. These are being met with ESG standards, sustainability focussed living and well-being support within the student accommodation. The UK student housing market has been successful at attracting the interest of foreign investors who are keen on including this high-yield demand-rich market in their real estate asset portfolios. The following section describes a few student housing initiatives observed in the construction of new student housing & PBSA constructions in UK in the 2nd week of March 2023

Of the well-known developers, Cassidy Group has planned to deliver 3000 beds across the country within 2025. Spread across 9 properties and 6 cities (including Nottingham, Bradford, Coventry, Sheffield and Wolverhampton) the project worth a total of £1bn. In Birmingham, the Soho Wharf is about to open its premium sustainability focussed apartments between March 2023 and June 2023. These luxurious ‘green’ units have 650 single and double-bedroom apartments and 102 double and triple-bedroom townhouses, including affordable units with 20% discounted rent for students and young professionals

Amongst new projects are mixed-used accommodations, where students will not just enjoy living near their campuses but will have retail stores within the building premises. The ICA studios are developing such a student accommodation around the Tesco Supermarket in the Canonmills area of Boughton, Edinburgh. This is the third project after the 240 and 248-bed mixed-use apartments being constructed in Haddington Place, Georgie. Needless to say that the UK student housing market is so lucrative that developers from neighbouring continents have shown interest in absorbing and building their portfolio on the British territory. Australian accommodation developer, Urban Rest made headlines by acquiring the Blue Nine Elms from Henderson Park and Greystar.

More creditworthy development are listed in the below-mentioned weekly collated news (March 2023)

• Urban Rest an Australian accommodation provider  looking to expand in London (news)
• Cassidy group, (partnered with Student Root in Nottingham), to deliver 3000 beds across UK University towns (UK)
• Site purchased for 138 studios between University of York & York St John University by Gregory properties (Yorkshire)
• new beds planned over Tesco Supermarket in Canonmills area of Broughton (Edinburgh)
• Moda moves from BTR to PBSA, plans 10,000 beds by 2028. (Property Week)
• Premium PBSA near University of Bristol, 367 studio & shared apartments by 2025(PBSA news)
• Knight Frank launches ‘The Latitude Portfolio’ with 7 PBSA assets in 5 Key UK for AY 23-24 (Knight & Frank)
• Soho Wharf is Birmingham’s most exciting ‘Build to Rent’ (BTR) with 752 homes. To open between March 2023 and June 2023. (Btr news )
• Global Student Living (GSL) and College & University Business Officers (CUBO) will partner to make a report on UK & Ireland PBSAs (GSL)

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