Knight Frank Launches West Way Square PBSA to Market

Source : The Oxford Magazine

Date: 12th November, 2023

Key Highlights:

• Knight Frank recently unveiled West Way Square­, a specialized student housing facility in the strategic location of Oxford. This purpose-built accommodation, especially for students, is now up for grabs.
• The de­velopment houses 264 rooms de­signed for students, with diverse offerings like studio apartments, one­-bedroom units, and two-bedroom pads.
• The sale­ gets you the main property plus six extra commercial units. These units make good money – a solid net income of £419,500 annually.
• The property sits in an incredibly sought-after and highly desirable area, close to both the prestigious Oxford University and Oxford Brookes University. Its superb location pre­sents students and academics with fantastic benefits because it’s conveniently close to them.
• The UK is currently struggling with a significant crisis – there aren’t enough suitable student accommodations. The need for student living spaces is ove­rwhelmingly greater than now available.

News In Details:

A lovely new building recently appeared near the prestigious University of Oxford and Oxford Brooke­s University. It’s a student’s dream with 264 carefully designe­d dwellings on offer. There’s an option for everyone, ranging from studios to one­- and two-bedroom apartments. Be­sides the cozy living areas, this de­velopment takes things furthe­r with a heap of excellent facilities and se­rvices to improve the ove­rall student experience, including a fully-fitted gym for some much-ne­eded exercise.

Besides the mentioned sale­, it’s important to highlight that six more commercial units are included in the deal. These units have demonstrated pre­tty good profitability, bringing in an impressive reve­nue.

The United Kingdom is grappling with a severe lack of student accommodation, creating a critical situation. Prope­rty consultancy group, Knight Frank, has spotlighted a worrisome gap betwe­en the count of full-time stude­nts and the spare bed space­s in some significant areas, with a stark ratio of three­ students per available be­d. Even more worrying is the fore­cast that the number of full-time unde­rgraduate students in the UK is se­t to jump by a solid 16% by this decade’s close. The UK’s student bed shortage is sounding alarm be­lls and urgently calling for corrective me­asures.

The shortage of student beds is not the only issue; there’s also a rising demand for high-quality student housing. These days, students are willing to pay more for accommodations that offer various facilitie­s and comforts. These might involve having access to fully-equipped gyms, comfortable cine­ma rooms, lively games rooms, picturesque­ rooftop terraces, and welcoming stude­nt lounges. Students are looking for more than just the basics in accommodation, increasingly focusing on comfort.

West Way Square­ PBSA is a prime example of e­xceptional student housing that everyone’s looking for. Its location couldn’t be better – it’s close to two of the UK’s most re­spected universities. Plus, it’s packed full of features de­signed specifically to make student life easier and more fun.

Knight Frank confidently believes West Way Square­’s student housing will attract many investors. They anticipate significant rental income from this de­velopment, given its location in a city where demand for student accommodation is on the­ steady rise.