284-bed luxury student accommodation opens
A brand new 284-bed luxury student accommodation complex has officially opened in Sheffield.
Straits Manor, located on West Street, is a development project led by Singapore-based private equity real estate firm, Q Investment Partners, (QIP) in partnership with their local delivery management team DML Development Managers, UK bank Shawbrook and UK main contractor Bowmer + Kirkland.
The property is managed by Homes for Students under their premium brand Prestige Student Living, with almost full occupancy achieved for the rooms available at the start of the academic year.
The development offers a wide variety of en-suite rooms and studios, as well as many on-site amenities including a gym, a karaoke room, communal dining rooms, study rooms plus a cinema and games lounge. Students also have access to ultra-fast Wi-Fi, large beds and an outdoor courtyard.
Located in the city centre, the property is within easy walking and cycling distance of both Sheffield and Sheffield Hallam Universities.
The completion of the development constitutes a major milestone for QIP, which views the UK purpose-built student accommodation sector as a prime investment market.
UK purpose-built student accommodation has continued to attract strong investor interest, despite uncertainties surrounding Brexit.
QIP says the recent policy U-turn on post-visa studies – allowing foreign students to stay in the UK for two years after graduating instead of four months – will serve to further boost UK’s appeal as a university destination for overseas students.
Ben Hall, head of investment at QIP, said: “We are glad to work with one of the most established student operators in the UK. It is great to see how they proactively support the needs of the modern-day student and universities. They are extremely experienced and are excellent partners to work with.
“We are excited to continue our journey in the purpose-built student accommodation sector with our local partners. Our development portfolio stands at 1,000 beds for 2019 and we are on track to more than double this in 2020.”
Rachel Warren, DML’s development director, said: “Qualifications gained at a UK university are held in high regard around the world and this is driving record numbers of international students coming here to study. The need for luxury accommodation is being driven by this growing market and we’re really proud of the quality of product we can now offer.”
Martin Corbett, managing director at Homes for Students, added: “We are proud to have built this relationship with QIP and DML and to add this property to our UK portfolio of 21,000 student beds of which 4,000 are under our Prestige Student Living brand.
“Straits Manor is the first of a number of new schemes, which we are working on with QIP and their UK partners, where we proactively input into the schemes from inception, creating communities that students love.”
