Source : The Oxford Magazine
Date: 12th November, 2023
- 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.