Crosslane is an established and respected developer and operator of quality, purpose built student accommodation property across Europe, having created a portfolio of assets worth over €250m in different countries, with over 3,000 beds and ambitions to grow this to over 25,000 in the next five years.
Using the knowledge and expertise gained in this sector, Crosslane identified a gap in the residential development market ripe for exploitation, forming a separate company within the organisation to capitalise on this opportunity, creating Crosslane Residential Developments.
Recruiting skilled and experience talent from the residential sector and fusing this with the intelligence and know-how gained in the Student Accommodation Asset Class, Crosslane created a new business model to create strong yield returns by re-developing existing properties into private residential dwellings, rather than building new properties.
Target properties identified for development are those too large for private individual builders, since the capital outlay is out of reach, but too small for the major players in the residential development sector, as they focus their effort on opportunities with much larger schemes where they can exploit economies of scale through their operations. This sweet spot in the market typically therefore means buildings chosen for development have between 6 & 40 individual apartments upon completion.
Development usually requires a change of use from office, commercial or warehousing and re-configuration of space, since target properties are sought within major city centre locations, close to all major amenities and a wealth of leisure and entertainment options close by, with finished units targeted to educated, skilled professionals, seeking a city centre urban lifestyle. Completed units are designed as private, stylish 1, 2 or 3 bedroom spacious and open plan apartments, with en-suite bathrooms. These will be finished to a high specification, both in terms of materials, finish and appliances, as well as the fastest high speed broadband available and other convenience technology.
In addition, properties are purposely selected based on their abundant character, quirky charm and rich heritage, having all manner of original historic features retained and exploited within the re-development to make them individually unique, exclusive and distinctive, creating a fusion of ultra-modern living, within historic surroundings.
Initial schemes will create completed apartments available for private buyers to purchase. However, once the number of schemes increases to create scale, the plan is for Crosslane to combine both sales into the open market with provision of apartments for rental s using the skills and experience gained in successfully managing high quality student accommodation. An onsite team providing services such as parcel delivery whilst residents are at work, maintenance and security in addition to 24 hour CCTV provides the convenience the target audience will be seeking.
These are not apartments for those who cannot afford to buy a home of their own, but rather for those who choose to buy or rent a property that is considered aspirational. The professionals to whom these are targeted have high disposable incomes and are making a lifestyle choice that combines high quality of living space, and modern technology and design, with an address that conveys a unique heritage.