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London University Housing Conference Student Housing Marcus Roberts Director & Sarah Beuden Associate 30 June 2008

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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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slide1

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

overview
Overview
  • Market Statistics
  • Perceptions right or wrong
  • Partnerships – Success stories
  • Student Minefield
  • Planning
  • Possible solutions
  • Questions & Answers
operational private student beds by borough
OperationalPrivate Student Beds by Borough

Source: HESA, Savills Research

operational university beds by borough
Operational University Beds by Borough

Source: HESA, Savills Research

direct let nomination agreements by borough
Direct Let & Nomination Agreements by Borough

Source: HESA, Savills Research

perceptions
Perceptions
  • Private Sector – Developers & Agents
  • Public Sector – Universities & Local Authorities
slide13
Private Sector
  • Wide Boys
  • Arrogant
  • Cowboys
  • Money, Money, Money
slide14
Agents
  • Over- paid
  • Do nothing other than put in big invoices
  • Big lunches
  • Unapproachable
public sector universities
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
current challenges in london s student market
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 London’s Student Market

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University Sector

Private Sector

Chemistry?

slide22
Cluster Flats

4 Bed Apartment

slide23
Student Studios

Studio Apartment Layout

commerciality of sector
Commerciality of Sector
  • Potential long lease structure
      • University Lease
      • Nominations Agreement
      • Direct Let
  • Secure income flow
      • Less reliance on capital growth
  • Dedicated management
slide25
“within our industry there are many misconceptions that things are easier than they actually are” (Anon)
slide29
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
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
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’
planning mechanisms
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
Planning – Solutions

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
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
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
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 don’t

thank you for listening any questions
Marcus Roberts

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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