Student Developments – Target Locations
With the growing trend to study further afield, the UK continues to experience an increase in applications to attend Higher Education Institutions (HEIs) both from domestic students and those from overseas, creating high demand for safe, secure, purpose-built student accommodation.
Our investment strategy aims to select globally top performing universities in major cities. In the UK Crosslane purpose-built student accommodation (PBSA) developments are predominantly focussed on Russell Group university cities, outside London, where returns are most favourable. Cities are prioritised to those which have more than one HEI where full time student numbers are high and internationally recognised faculties draw large numbers of overseas students and where there is currently a shortage of accommodation to create high demand-supply imbalance.
Correct site location within chosen city centres is absolutely critical to success. These must be close or next to university campuses, preferably within walking distance to provide maximum convenience to students and closer than alternatives to achieve competitors advantage. However, they can be within a short cycle ride away, since secure bicycle storage facilities are provided onsite.
The location must also be connected with a strong public transport network. It is usual for our locations to target city centres which is attractive to student leisure lifestyle, in close proximity to bars, cafes, coffee shops, restaurants and clubs as well as surrounding shops, supermarkets and other amenities, to make a handy and convenient daily regime and way of life.
Crosslane’s approach to room type allocation within buildings is to either self-contained studio apartments (highest yielding space usage), cluster flats – where a number of en-suite bedrooms share lounge and kitchen and social spaces, or a mixed combination of both and this varies depending on the assessment needs of the locality and existing competition.
The size of apartments differ depending on the footprint, layout and nature of each property, but typically range from 18 sqm to 25 sqm effectively optimising the use of space to provide a spacious environment for students, balancing the maximum numbers of rooms within the building and income, with overall property environment and amenities which combined drive highest long term yield.
Crosslane is interested in either acquiring land upon which to develop a brand new purpose built building, which may involve economic demolition of an existing property on the current site, or alternatively converting a current building, changing its usage and renovating. In the latter case, of particular interest for refurbishment are office buildings, hotels, warehousing, commercial properties, hospitals and libraries.
The typical footprint would be in the region of 4,000 to 19,000 sqm.
This may be the current building size, where adjacent land exists to extend a smaller size building to create the desired size, or structurally the building would allow for being extended in height to create additional floors. In any case the scheme should allow for the creation of between 130 to 450 bedrooms to create operational efficiencies.
Crosslane aims for the mid to upper end of the market, where volume and demand is high. Rentals fluctuate considerably by location depending on a variety of criteria and external factors. All apartments are finished to a high standard and designed to effectively optimise use of space.
Modern, functional and practical, each apartment is tailored to the specific needs of students, fully furnished and ready to move straight in. With en-suite bathrooms, fully fitted kitchens, ¾ or double beds, 32” flat screen TV, washing machine, tumble dryer, dishwasher, study desk and plenty of storage.
In addition, shared facilities include onsite gyms, study rooms, common room and bicycle storage. A reception and concierge service is also provided with highly experienced onsite teams, along with 24 hour security and high tech swipe card access control systems.
It is essential in the creation of our properties that what we offer is more than just accommodation and somewhere to live. Of course we create a safe and secure environments where residents can make friends, socialise and study in pleasurable and relaxing surroundings, with everything from landscaped exterior space to CCTV. But we do much more than this.
We aim to create and build a community, integrated into the university, where students are at ease and can play as well as work together and our onsite resident co-ordinator teams regularly organise social events to ensure our properties are fun places to be.
It is essential our properties are maintained to a high standard, so cleaning services are provided along with on site maintenance personnel to ensure the fabric of the building will remain in top condition for years to come.