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4 Bed Apartment. Cluster Flats. Studio Apartment Layout. Student Studios ... Joined up approach to planning. unlock difficult planning sites - ability to structure ...

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London University Housing Conference

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


Student Accommodation


Overview

  • Market Statistics

  • Perceptions right or wrong

  • Partnerships Success stories

  • Student Minefield

  • Planning

  • Possible solutions

  • Questions & Answers


Full-time students numbers continue to rise

Source: Savills, HESA


Rapid growth in overseas students in last five years

Source: Savills, HESA


Students live predominately in HMOs

Source: Savills, HESA


OperationalPrivate Student Beds by Borough

Source: HESA, Savills Research


Operational University Beds by Borough

Source: HESA, Savills Research


Institutional Beds VS Private Beds by Borough Operational 07/08

Source: HESA, Savills Research


Supply:London Borough Supply Pipeline

Source: Savills, ABI


Direct Let & Nomination Agreements by Borough

Source: HESA, Savills Research


Perceptions

  • Private Sector Developers & Agents

  • Public Sector Universities & Local Authorities


Private Sector

  • Wide Boys

  • Arrogant

  • Cowboys

  • Money, Money, Money


Agents

  • Over- paid

  • Do nothing other than put in big invoices

  • Big lunches

  • Unapproachable


Public Sector & Universities

  • 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


Continued under supply of student accommodation

Significant Rental Increases

Proliferation of Studio student schemes

Difficulty in securing sites in London

Tightening planning regime

Current Challenges in Londons Student Market


University Sector

Private Sector

Chemistry?


?


this is the reality


Interiors


Cluster Flats

4 Bed Apartment


Student Studios

Studio Apartment Layout


Commerciality of Sector

  • Potential long lease structure

    • University Lease

    • Nominations Agreement

    • Direct Let

  • Secure income flow

    • Less reliance on capital growth

  • Dedicated management


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


    can anyone relate to this?


    have you ever tried to do something that looks simple but isnt


    Tying a Bow-Tie


    the student market can be a minefield

    design & development feasibility

    planning nuances

    supply & demand dynamics

    university & private sector objectives

    Land Values/ Rents


    Planning - what are the issues?

    • 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

    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


    Regional

    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

    Short term

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

    • Start dialogue (were 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 Solutions

    Medium/Long term

    • Assess needs

    • Introduce targets sub-regional/local?

    • LDF process - policies/site allocations/implementation

    • Contribute towards affordable housing?


    General Market Comment

    • 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

    • 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 dont


    experience and knowledge of a constantly evolving niche sector (Anon)


    remember things arent always as easy as they seem ....


    do it yourself Bow Tie Man.........


    .......... or the professionals


    Marcus Roberts

    Director Student Housing

    +44 (0) 7807 999187

    +44 (0) 20 7016 3799

    mroberts@savills.com

    Sarah Beuden

    Associate Planning

    +44 (0) 7812 965 308

    +44 (0) 20 3320 8265

    sbeuden@savills.com

    Thank you for listeningAnyQuestions


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