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London University Housing Conference Student Housing Marcus Roberts Director & Sarah Beuden Associate 30 June 2008 Student Accommodation Overview Market Statistics Perceptions right or wrong Partnerships – Success stories Student Minefield Planning Possible solutions Questions & Answers

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London University Housing ConferenceStudent HousingMarcus RobertsDirector& Sarah BeudenAssociate 30 June 2008



Overview l.jpg
Overview

  • Market Statistics

  • Perceptions right or wrong

  • Partnerships – Success stories

  • Student Minefield

  • Planning

  • Possible solutions

  • Questions & Answers





Operational private student beds by borough l.jpg
OperationalPrivate Student Beds by Borough

Source: HESA, Savills Research


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Operational University Beds by Borough

Source: HESA, Savills Research


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Institutional Beds VS Private Beds by Borough Operational 07/08

Source: HESA, Savills Research


Supply london borough supply pipeline l.jpg
Supply: 07/08London Borough Supply Pipeline

Source: Savills, ABI


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Direct Let & Nomination Agreements 07/08 by Borough

Source: HESA, Savills Research


Perceptions l.jpg
Perceptions 07/08

  • Private Sector – Developers & Agents

  • Public Sector – Universities & Local Authorities


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Private Sector 07/08

  • Wide Boys

  • Arrogant

  • Cowboys

  • Money, Money, Money


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Agents 07/08

  • Over- paid

  • Do nothing other than put in big invoices

  • Big lunches

  • Unapproachable


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Public Sector & Universities 07/08

  • Move at a slower rate due to necessity and reporting structure

  • Bureaucracy

  • Increasingly commercially minded

  • Suspicious of the private sector

  • Protective of assets

  • No clear policy on the student issue


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Continued under supply of student accommodation 07/08

Significant Rental Increases

Proliferation of Studio student schemes

Difficulty in securing sites in London

Tightening planning regime

Current Challenges in London’s Student Market


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University Sector 07/08

Private Sector

Chemistry?


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? 07/08



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Interiors 07/08


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Cluster Flats 07/08

4 Bed Apartment


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Student Studios 07/08

Studio Apartment Layout


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Commerciality of Sector 07/08

  • Potential long lease structure

    • University Lease

    • Nominations Agreement

    • Direct Let

  • Secure income flow

    • Less reliance on capital growth

  • Dedicated management


  • Slide25 l.jpg

    “within our industry there are many misconceptions that things are easier than they actually are” (Anon)


    Slide26 l.jpg

    can anyone relate to this? things are easier than they actually are”



    Tying a bow tie l.jpg
    Tying a Bow-Tie isn’t…


    Slide29 l.jpg

    the student market can be a minefield isn’t…

    design & development feasibility

    planning nuances

    supply & demand dynamics

    university & private sector objectives

    Land Values/ Rents


    Planning what are the issues l.jpg
    Planning - what are the issues? isn’t…

    • What is our steer?

    • Is it a priority?

    • What is the need and where is it?

    • Why should ‘we’ become a ‘dumping’ ground?

    • Why should ‘they’ get out of providing any affordable housing?


    Planning weighing it up l.jpg
    Planning – weighing it up isn’t…

    Pros

    • Adds to ‘world city’ status;

    • Brings economic and social benefits

    • Reduces pressure on private and affordable housing;

    • Counts towards housing targets.

      Cons

    • Competes against other needs and targets

    • Not counted as affordable housing

    • Creates ‘studentification’


    Planning mechanisms l.jpg

    Regional isn’t…

    Review of London Plan

    Housing SPG

    Housing Strategy

    Sub-regional strategies

    Education Strategies.

    Locally

    Local Strategic Partnerships

    LDFs (including site allocations)

    Housing Strategies

    Education Strategies

    University Accommodation Strategies

    Planning – Mechanisms


    Planning solutions l.jpg
    Planning – Solutions isn’t…

    Short term

    • Recognise that it is a need that is not going to disappear

    • Start dialogue (we’re all here after all)

    • Look at what we want and what we need

    • Start to use mechanisms that are available to us now.

    • All about working together

      (Sherlock Holmes not required!)


    Planning solutions34 l.jpg
    Planning – Solutions isn’t…

    Medium/Long term

    • Assess needs

    • Introduce targets – sub-regional/local?

    • LDF process - policies/site allocations/implementation

    • Contribute towards affordable housing?


    General market comment l.jpg
    General Market Comment isn’t…

    • £6.6 billion property market

    • Expected growth to > £20bn in the next 6 years

    • Total of 2.3 million students studying in the UK

    • 459,000 student bed spaces –

      -Education sector 326,000 beds

      - Private sector 133,000 beds

    • Expected further consolidation and stock transfers from Universities to the private sector.

    Student Accommodation Bedspaces by Region


    Possible solutions l.jpg
    Possible Solutions isn’t…

    • Increased partnerships between Universities and the Private sector

    • Utilisation of existing campus land / assets

      - Ability to balance capital receipt for land with ability to structure accommodation type and lease / nomination agreements

      - Potential to refurbish existing stock though sales and agreement to the private sector

    • Joined up approach to planning

      – unlock difficult planning sites

      - ability to structure mutually beneficial structures

    • Political pressure from Private and University sectors

      - Target the GLA

      - Target specific boroughs which could support student housing but don’t


    Experience and knowledge of a constantly evolving niche sector anon l.jpg

    ‘experience and knowledge isn’t… of a constantly evolving niche sector’ (Anon)





    Thank you for listening any questions l.jpg

    Marcus Roberts isn’t…

    Director – Student Housing

    +44 (0) 7807 999187

    +44 (0) 20 7016 3799

    [email protected]

    Sarah Beuden

    Associate – Planning

    +44 (0) 7812 965 308

    +44 (0) 20 3320 8265

    [email protected]

    Thank you for listeningAnyQuestions


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