With UK universities receiving more than half a million applications for the upcoming 2019/20 academic year – an increase over previous years – this is a perfect time to invest in the sector. The only question is: where should you look for the perfect investment?
Lancaster, located in England’s North West, is close to both the Lake District and the Forest of Bowland as well as an easy train journey from cities such as Manchester and Liverpool. An important regional centre with a population of approximately 130,000, Lancaster is a place with a lot going on which still manages to feel down to earth and welcoming.
The city is also home to two universities with a combined 18,000 students. The larger, Lancaster University, is one of the best in the UK and the world and is home to more than 12,000 students from around the world. This number is growing each year and the number of student beds available cannot keep up. The University of Cumbria also maintains a campus in the city, further burnishing Lancaster’s reputation as a premier higher education destination. Overall, the city was ranked third for graduate-level employment by the Sunday Times Good University Guide 2019, showing once more why so many students want to live and study here.
However, there is simply not enough student accommodation for all of them, with it being estimated that there are almost 10 students from outside the region for every available purpose-built student bed in the city. This means that the existing student accommodation sees a level of demand that it cannot satisfy and that a new development in the right place will be extremely popular with students.
The Mill is our new student accommodation investment opportunity in Lancaster, and it could not be in a better location. Only a few minutes’ walk from the Lancaster University campus, The Mill is not only the closest private accommodation to the university, it is also in an area with no potential for similar developments.
A Victorian mill conversion in Lancaster’s green belt, the apartments in The Mill are truly unique, providing student tenants with a thoroughly modern living experience in a characterful environment. These apartments are larger and built to a higher specification than anything else currently on the market, and residents will also benefit from on-site amenities including a gymnasium, games room, cinema, café and a ground floor museum showcasing the old mill machinery.
All of the above, combined with annual assured NET returns of 8% for 5 years, The Mill is the definition of an outstanding student accommodation investment opportunity.
For more information about Purpose Built Student Accommodation investment opportunities through Knight Knox, click here.