The Journal
STUDENT digs are not known for being plush, but the ones in Newcastle have been given the royal seal of approval.
Princess Eugenie starts her degree at Newcastle University next month and has taken up a place in a £96-a-week hall of residence.
The 19-year-old, who is sixth in line to the throne, says she wants to be treated just like any other student and will be sharing a living room and kitchen with five other undergraduates.
The Queen’s granddaughter will have her own small en-suite bedroom with a single bed, wardrobe, chest of drawers and desk.
Her choice of accommodation is in stark contrast to her big sister, Beatrice, who turned down digs at London’s Goldsmiths College last September and moved into an apartment in St James’s Palace. However, Eugenie’s move to the halls won’t be cheap, as she’ll be joined by a team of Metropolitan Police bodyguards, costing more than £250,000 a year.
The guards, who will be with the princess around the clock, are relocating to Newcastle. Last month, two detectives travelled to the city with Eugenie to look around the campus and inspect her future accommodation.
Eugenie plans to study for a BA in English and history of art. A number of her friends are also thought to be coming to Newcastle.
Fortunately for the party-loving princess, the university also boasts one of the best student social scenes in the country with six bars to chose from.
Eugenie achieved two As in her A-levels in art and English literature and a B in history of art. Her gap year saw her partying in places as far flung as Australia, South Africa, Cambodia and Goa.
A friend said: “She chose Newcastle because it offered a great degree course and it seems a really fun place to go. Eugenie is a very down to earth girl who hates using her title and she was adamant that she wanted to live in halls with her friends. She just wants to be treated like any other undergraduate.
“The issue of police protection is totally out of her hands. She hates it as much as anyone.”
Eugenie is not the first royal of her generation to take up a place in halls of residence. Prince William spent his first year in university accommodation when he went to St Andrew’s.
On the princess’s move to Newcastle, the city’s Lord Mayor, Mike Cookson, said: “Newcastle is a beautiful, lively, safe and welcoming city, which is justifiably popular with students.
“We’re very pleased that the princess will have the opportunity to experience all of this for herself.”
A Newcastle University spokesman said he couldn’t comment on any individual student.
Tuesday, August 18, 2009
Thursday, August 6, 2009
Recession boost for student towns
University cities defy property slump as new graduates snub tough jobs market, reports Hilary Osborne
The Observer, Sunday 2 August 2009
The recession has had a big impact on the property market, but one sector appears to be benefiting from the downturn. Demand for student digs is rising due to an increase in the number of A-level students going on to further education and new graduates snubbing the jobs market in favour of a higher degree.
"Undergraduate [course] applications rose 9% in the 2008/09 academic year and are forecast to continue growing," says Lucian Cook, director of research at property firm Savills.
"Postgraduate numbers are expected to see a similar surge in response to weakness in the jobs market. Purpose-built student accommodation has failed to keep up, diverting students into the private rental sector where they compete with aspiring first-time buyers."
This is the case at the University of St Andrews, on the east coast of Scotland. Local estate agent Ian Morton, a partner at Bradburne & Co says the university saw a surge in numbers last September and this year could be equally busy. "People are not taking gap years because they realise it is hard to get a job," he says. "Last year there was a major shortage of accommodation and the university had to rent from the private sector."
Rents are high - top digs fetch £500 a month, a room - so investors and parents are still keen to buy, paying around £150,000 for each lettable bedroom.
Scottish government figures for the wider area of Fife show property prices are down just 0.8% year on year, against a fall of 4.4% in Edinburgh.
Prices are also holding up in the student areas of Nottingham, according to Paul Perriam, area director of estate agent William H Brown.
"The core student area is Lenton. It is primarily Victorian terraced houses which are now almost entirely given over to student accommodation," he says. "Prices have held up really well - they have come down, but not to the extent of the general market." According to Perriam, a room in a good property can attract £75 a week .
In Canterbury, Mark Weller, an area partner for Connells, says several investors have added five or six student homes to their portfolios this year. "Properties suitable for student buy-to-lets are selling quickly, particularly three-bedroom semi-detached and end-terrace houses, that can be extended or converted in some way to produce four- and five-bedroom properties," he says.
But there are signs the general slowdown is having some impact, even in St Andrews. Morton says some parents who had planned to sell up as soon as their children left university have opted to hold on to property while they wait for an uplift in prices.
In Norwich, where students at the University of East Anglia flock to an area called the Golden Triangle, Joanne Pennells of haart estate agents says fewer properties have come back on to the market than in previous years.
Just as the student property market has specific drivers, it also has its own threats. One problem is that universities are creating more accommodation for second and third-year students.
In Durham, building by the university has led to a fall in demand from investors and parents, says Geoff Graham of estate agent JW Wood. "There seems to be a bit of an oversupply," he says. "Landlords have been finding they can't get tenants, or where they would have five in a house they are now getting three or four, or the rents they can get are lower."
Another potential problem in England is proposed changes to the rules on houses in multiple occupation (HMOs), which form part of a government consultation set to close on Friday.
The change, designed to reduce the "studentification" of large areas of towns, would force anyone letting a home to more than three unrelated people to get planning permission to make their property a HMO - now this only applies if there are six or more tenants.
Giles Ferin, a planning specialist at law firm EMW Picton Howells, says it could have a serious impact on the property market if the government adopts the proposals. "A lot of parents buy properties for little Jimmy or Jenny to live in while at university, and rent rooms to their friends to cover the mortgage costs ... this would potentially scupper that. If the number of people you need to cover the mortgage is going to be your child, plus more than two others, you are going to have to get planning permission."
This will add extra cost and time for the first set of people converting these properties and will mean they can't go back on to the market as regular homes. It's by no means a done deal that the rules will come into force. But if they do, they could be a bigger concern in many university towns than the recession.
The Observer, Sunday 2 August 2009
The recession has had a big impact on the property market, but one sector appears to be benefiting from the downturn. Demand for student digs is rising due to an increase in the number of A-level students going on to further education and new graduates snubbing the jobs market in favour of a higher degree.
"Undergraduate [course] applications rose 9% in the 2008/09 academic year and are forecast to continue growing," says Lucian Cook, director of research at property firm Savills.
"Postgraduate numbers are expected to see a similar surge in response to weakness in the jobs market. Purpose-built student accommodation has failed to keep up, diverting students into the private rental sector where they compete with aspiring first-time buyers."
This is the case at the University of St Andrews, on the east coast of Scotland. Local estate agent Ian Morton, a partner at Bradburne & Co says the university saw a surge in numbers last September and this year could be equally busy. "People are not taking gap years because they realise it is hard to get a job," he says. "Last year there was a major shortage of accommodation and the university had to rent from the private sector."
Rents are high - top digs fetch £500 a month, a room - so investors and parents are still keen to buy, paying around £150,000 for each lettable bedroom.
Scottish government figures for the wider area of Fife show property prices are down just 0.8% year on year, against a fall of 4.4% in Edinburgh.
Prices are also holding up in the student areas of Nottingham, according to Paul Perriam, area director of estate agent William H Brown.
"The core student area is Lenton. It is primarily Victorian terraced houses which are now almost entirely given over to student accommodation," he says. "Prices have held up really well - they have come down, but not to the extent of the general market." According to Perriam, a room in a good property can attract £75 a week .
In Canterbury, Mark Weller, an area partner for Connells, says several investors have added five or six student homes to their portfolios this year. "Properties suitable for student buy-to-lets are selling quickly, particularly three-bedroom semi-detached and end-terrace houses, that can be extended or converted in some way to produce four- and five-bedroom properties," he says.
But there are signs the general slowdown is having some impact, even in St Andrews. Morton says some parents who had planned to sell up as soon as their children left university have opted to hold on to property while they wait for an uplift in prices.
In Norwich, where students at the University of East Anglia flock to an area called the Golden Triangle, Joanne Pennells of haart estate agents says fewer properties have come back on to the market than in previous years.
Just as the student property market has specific drivers, it also has its own threats. One problem is that universities are creating more accommodation for second and third-year students.
In Durham, building by the university has led to a fall in demand from investors and parents, says Geoff Graham of estate agent JW Wood. "There seems to be a bit of an oversupply," he says. "Landlords have been finding they can't get tenants, or where they would have five in a house they are now getting three or four, or the rents they can get are lower."
Another potential problem in England is proposed changes to the rules on houses in multiple occupation (HMOs), which form part of a government consultation set to close on Friday.
The change, designed to reduce the "studentification" of large areas of towns, would force anyone letting a home to more than three unrelated people to get planning permission to make their property a HMO - now this only applies if there are six or more tenants.
Giles Ferin, a planning specialist at law firm EMW Picton Howells, says it could have a serious impact on the property market if the government adopts the proposals. "A lot of parents buy properties for little Jimmy or Jenny to live in while at university, and rent rooms to their friends to cover the mortgage costs ... this would potentially scupper that. If the number of people you need to cover the mortgage is going to be your child, plus more than two others, you are going to have to get planning permission."
This will add extra cost and time for the first set of people converting these properties and will mean they can't go back on to the market as regular homes. It's by no means a done deal that the rules will come into force. But if they do, they could be a bigger concern in many university towns than the recession.
Swine Flu - Facts
Basic facts about the new fluWhat is novel influenza A/H1N1?
This is a new flu virus infecting humans. It was first detected in humans in the US in April, 2009, but was probably causing infections in Mexico for a period before this.
Initially this new flu virus was thought to be a type of flu virus that infects pigs and sometimes spreads to humans (hence the initial name of "swine flu"). However, further studies have revealed that it is not a virus that came directly from pigs but is rather a new virus formed by the recombination of several different genetic elements from pigs, avian and human species.
What are symptoms of the H1N1 flu - swine flu?
The symptoms are not different from those of seasonal flu. They include fever, muscle and chest pains, cough, sore throat and headache. It is only in rare cases that you will find a person infected having diahorrea and vomiting.
How does the H1N1 virus spread?
Available information on this new virus suggests that it spreads from person to person much like "seasonal influenza" which is mainly via respiratory droplet transmission. Just like seasonal flu it is airborne and spreads through coughing and sneezing by an infected person. When sneezing or coughing, an infected person releases respiratory droplets into the air and the next person will be infected by breathing in those droplets. In addition, infection can result if there is contact with inanimate surfaces such as door knobs or hands that are contaminated with the flu virus and then the person touches his or her mouth, nose or eyes.
The virus can also be contracted by coming into contact with an infected person or even by talking to one. It can be contracted from a contaminated hand after an infected person has coughed or sneezed on that hand.
How long can an infected person spread this virus to others?
At the current time, it is believed that this virus has the same properties in terms of spread as seasonal flu viruses. With seasonal flu, studies have shown that people may be contagious from one day before they develop symptoms to up to seven days after they get sick.
Children, especially younger children, might potentially be contagious for longer periods. It is therefore important for people to stay at home for at least seven days when they have symptoms to reduce spread to other people.
What if it goes undetected or untreated?
The majority of patients experience mild symptoms and make a rapid and full recovery, often in the absence of any form of medical treatment.
Is there a need for the public to panic?
Experience in other affected countries indicates that this virus spreads rapidly through communities. It is not possible to contain this virus by quarantine of contacts and travel restrictions. Social distancing of affected persons, usually by home isolation, may to some extent reduce spread. From the experience of this disease in other countries, spread is inevitable.
What age group is mostly affected by the virus in South Africa?
Although older people were commonly the most infected with seasonal flu, the H1N1 virus is now affecting young people the most.
How can the virus be prevented from spreading?
Cover your nose with a tissue when sneezing, and mouth when coughing, to prevent the infected droplets from being released into the air. Make sure you dispose of the tissue.
Answers by Professor Barry Schoub, a director of the National Institute for Communicable Diseases, a division of the National Health Laboratory Service
This article was originally published on page 1 of The Star on August 04, 2009
This is a new flu virus infecting humans. It was first detected in humans in the US in April, 2009, but was probably causing infections in Mexico for a period before this.
Initially this new flu virus was thought to be a type of flu virus that infects pigs and sometimes spreads to humans (hence the initial name of "swine flu"). However, further studies have revealed that it is not a virus that came directly from pigs but is rather a new virus formed by the recombination of several different genetic elements from pigs, avian and human species.
What are symptoms of the H1N1 flu - swine flu?
The symptoms are not different from those of seasonal flu. They include fever, muscle and chest pains, cough, sore throat and headache. It is only in rare cases that you will find a person infected having diahorrea and vomiting.
How does the H1N1 virus spread?
Available information on this new virus suggests that it spreads from person to person much like "seasonal influenza" which is mainly via respiratory droplet transmission. Just like seasonal flu it is airborne and spreads through coughing and sneezing by an infected person. When sneezing or coughing, an infected person releases respiratory droplets into the air and the next person will be infected by breathing in those droplets. In addition, infection can result if there is contact with inanimate surfaces such as door knobs or hands that are contaminated with the flu virus and then the person touches his or her mouth, nose or eyes.
The virus can also be contracted by coming into contact with an infected person or even by talking to one. It can be contracted from a contaminated hand after an infected person has coughed or sneezed on that hand.
How long can an infected person spread this virus to others?
At the current time, it is believed that this virus has the same properties in terms of spread as seasonal flu viruses. With seasonal flu, studies have shown that people may be contagious from one day before they develop symptoms to up to seven days after they get sick.
Children, especially younger children, might potentially be contagious for longer periods. It is therefore important for people to stay at home for at least seven days when they have symptoms to reduce spread to other people.
What if it goes undetected or untreated?
The majority of patients experience mild symptoms and make a rapid and full recovery, often in the absence of any form of medical treatment.
Is there a need for the public to panic?
Experience in other affected countries indicates that this virus spreads rapidly through communities. It is not possible to contain this virus by quarantine of contacts and travel restrictions. Social distancing of affected persons, usually by home isolation, may to some extent reduce spread. From the experience of this disease in other countries, spread is inevitable.
What age group is mostly affected by the virus in South Africa?
Although older people were commonly the most infected with seasonal flu, the H1N1 virus is now affecting young people the most.
How can the virus be prevented from spreading?
Cover your nose with a tissue when sneezing, and mouth when coughing, to prevent the infected droplets from being released into the air. Make sure you dispose of the tissue.
Answers by Professor Barry Schoub, a director of the National Institute for Communicable Diseases, a division of the National Health Laboratory Service
This article was originally published on page 1 of The Star on August 04, 2009
Saturday, June 27, 2009
Commune Policy - Comments by ERA property group
The newly published proposals for communes in the City of Johannesburg give cause for concern and could open the way to abuse if they are not properly policed.
So says Gerhard Kotzé, CEO of the ERA South Africa property group who points out that the proposals provide for an increase in the maximum number of individuals that may live in an approved commune, from the four allowed at present to 10.
The proposals are contained in the Draft Residential Commune Policy document published this month by the City of Johannesburg and are already being talked of as a blueprint for other metros.
The need for affordable, high-density student and worker accommodation is clear, says Kotzé. “On the other hand, though, there appears to be a growing number of illegal communes that often go hand-in-hand with higher crime rates, vehicle congestion, urban blight, poor sanitation, the activities of slum lords and other problems.
“Currently communal living in the City of Johannesburg is regulated by no less than 13 different town planning schemes, and different town planning processes are applied to achieve the same use in terms of communal living.
“And while Residential 1 zoning in most of those town planning schemes does allow for the erection of buildings that can be used for communal accommodation, this does not enable the use of a dwelling house for a commune as a primary right. So as the new proposals point out, the need to regulate communes further is apparent.”
What is more, the policy objective is to improve the decision-making process on which the commune applications are evaluated, assessed and finalised, in order to ensure adherence to the Housing Act and Rental Housing Act; to set standards for properties to be used as communes; to provide safe, affordable and varied housing in line with the National Building Regulations; and to provide management strategies for all premises used as communes.
“And there is nothing in that with which anyone could quibble. Nor do I have an issue with the fines that would be applied for failing to comply, amounting to 7,5% of the value of the property in question annually, pending court processes,” Kotzé says.
“As always, though, the devil is in the detail and my issue is with enforcement. While I certainly don’t advocate a kind of ‘commune police’, clearly there will have to be zero tolerance of any breaches of the new regulations or we could risk a situation where, as in the collection of municipal rates and taxes, there is allegedly no respect for legal process, thus inviting abuse.”
Article by: www.era.co.zawww.era.co.za
So says Gerhard Kotzé, CEO of the ERA South Africa property group who points out that the proposals provide for an increase in the maximum number of individuals that may live in an approved commune, from the four allowed at present to 10.
The proposals are contained in the Draft Residential Commune Policy document published this month by the City of Johannesburg and are already being talked of as a blueprint for other metros.
The need for affordable, high-density student and worker accommodation is clear, says Kotzé. “On the other hand, though, there appears to be a growing number of illegal communes that often go hand-in-hand with higher crime rates, vehicle congestion, urban blight, poor sanitation, the activities of slum lords and other problems.
“Currently communal living in the City of Johannesburg is regulated by no less than 13 different town planning schemes, and different town planning processes are applied to achieve the same use in terms of communal living.
“And while Residential 1 zoning in most of those town planning schemes does allow for the erection of buildings that can be used for communal accommodation, this does not enable the use of a dwelling house for a commune as a primary right. So as the new proposals point out, the need to regulate communes further is apparent.”
What is more, the policy objective is to improve the decision-making process on which the commune applications are evaluated, assessed and finalised, in order to ensure adherence to the Housing Act and Rental Housing Act; to set standards for properties to be used as communes; to provide safe, affordable and varied housing in line with the National Building Regulations; and to provide management strategies for all premises used as communes.
“And there is nothing in that with which anyone could quibble. Nor do I have an issue with the fines that would be applied for failing to comply, amounting to 7,5% of the value of the property in question annually, pending court processes,” Kotzé says.
“As always, though, the devil is in the detail and my issue is with enforcement. While I certainly don’t advocate a kind of ‘commune police’, clearly there will have to be zero tolerance of any breaches of the new regulations or we could risk a situation where, as in the collection of municipal rates and taxes, there is allegedly no respect for legal process, thus inviting abuse.”
Article by: www.era.co.zawww.era.co.za
Wednesday, June 17, 2009
Energy saving tips
There has been much debate about the increased electricity tariffs to be implemented from 1 July 2009, and although they have not been finalised it certainly looks like prices will rise between 20 to 35%, so we need to be prepared.
What can we do?
Tenants running an inefficient 2kW heater for 6 hours a night can dramatically increase your monthly electricity bill if you live in a flat, cottage or small townhouse. When buying a heater check to see how much electricity it consumes. By checking the instantaneous consumption on your prepaid meter you can easily see how many watts a heater is using and adjust your usage accordingly.
Landlords, by empowering your tenants to easily monitor their consumption with a prepaid meter, surprise "unbelievable" bills can be avoided.
Green tip of the month: Instead of boiling the kettle every time you drink a cup of tea, boil it once, fill a thermos flask and you will have hot water all day. Boiling a half filled kettle can cost about 10c each time. If you do this 6 times a day it will cost you R18.00 per month. If there is more that one family member this cost can multiply - so the answer is to either all drink tea at the same time, invest in a thermos flask.
What can we do?
Tenants running an inefficient 2kW heater for 6 hours a night can dramatically increase your monthly electricity bill if you live in a flat, cottage or small townhouse. When buying a heater check to see how much electricity it consumes. By checking the instantaneous consumption on your prepaid meter you can easily see how many watts a heater is using and adjust your usage accordingly.
Landlords, by empowering your tenants to easily monitor their consumption with a prepaid meter, surprise "unbelievable" bills can be avoided.
Green tip of the month: Instead of boiling the kettle every time you drink a cup of tea, boil it once, fill a thermos flask and you will have hot water all day. Boiling a half filled kettle can cost about 10c each time. If you do this 6 times a day it will cost you R18.00 per month. If there is more that one family member this cost can multiply - so the answer is to either all drink tea at the same time, invest in a thermos flask.
Tuesday, June 9, 2009
Thumbs up for commune policy proposal - Northcliff Melville Times
Thuli Malinga
Let and Stay chairman Caj van Zyl gave the new draft commune policy proposal a thumbs up.
This follows months of bickering by residents who initially objected to the policy presented by the City of Johannesburg.
According to van Zyl, high density development areas have been identified mostly on arterial routes around the university. These developments would entail 250 dwelling units per hectare and act as buffer zones.
Van zyl said, "In all likelihood, the number of tenants per property will relate to an equation where a single room needs to be a minimum size of 7sqm and a double room 14sqm"
"Certain community members have made arguments to cap the amount of students to 10 per property but this seems unfeasible as a blanket rule for all types of properties and a heavily debated topic", he said. Building rules to be adhered to would be:
Let and Stay chairman Caj van Zyl gave the new draft commune policy proposal a thumbs up.
This follows months of bickering by residents who initially objected to the policy presented by the City of Johannesburg.
According to van Zyl, high density development areas have been identified mostly on arterial routes around the university. These developments would entail 250 dwelling units per hectare and act as buffer zones.
Van zyl said, "In all likelihood, the number of tenants per property will relate to an equation where a single room needs to be a minimum size of 7sqm and a double room 14sqm"
"Certain community members have made arguments to cap the amount of students to 10 per property but this seems unfeasible as a blanket rule for all types of properties and a heavily debated topic", he said. Building rules to be adhered to would be:
- One parking bay per tenant - can be relaxed depending on proximity to the BRT and University.
- Caretaker or manager must reside on the property.
- A3 signage on the outside of the property indicating the caretaker's telephone number.
- A maximum of 4 people per bathroom.
- A health permit will be required with bi-annual inspections.
- The university should compile a handbook educating students about neighborhood relations and community living in the suburb
While this is in motion, student representatives asked the city council to step up police visibility in the affected areas.
However, van Zyl explained that certain unreasonable members have tried to unfairly correlate noice issues and conduct in 7th st Melville to that of students living in the broader area.
"Other community members are scared of the influx of first time workers to the area. This seems totally ubsurd considering normal economic principals.
"Professional landlords will only accommodate tenants that are able to pay the required rent and below market rent is not feasable when conducting an upmarket boarding house that needs to adhere to all the latest legislation, costs and limitations."
Nonetheless, van Zyl said his general feeling was that the policy was welcomed by the majority of community members and landlords.
Monday, June 8, 2009
CBD student accommodation popular
2009/03/13
With record numbers of students entering universities this year, demand for student accommodation in central Johannesburg is starting to outstrip supply.
Inner city developer Aengus Lifestyle Properties (ALP) has seen the number of students renting its refurbished apartments in central Johannesburg grow from 142 last year to over 1,200 with this year's student intake."There are about a ten times oversubscription for available student rooms," says ALP CEO, Richard Rubin. "University residences are battling to cope with the increased demand."Last year about 22,000 more learners than in previous years passed Matric with university entrance, putting pressure on Wits University and the University of Johannesburg to accommodate more students than usual this year.
According to some estimates there are more than 7,000 students needing accommodation and just 700 available rooms on or near Johannesburg university campuses. Rubin says demand has also been driven by a massive influx of foreign and out-of-province students over the past few years as the city's universities are regarded as among the country's premier academic institutions.
Aengus Lifestyle Properties began upgrading a number of buildings in Braamfontein into upmarket student accommodation last year. "So far this year, we are oversubscribed in terms of tenant demand for these buildings," says Rubin.
Now the company is looking at developing the YMCA building on Rissik and Smit Streets into a mixed-use development incorporating student accommodation."Students are tired of staying in dormitory-style accommodation where they may have to share bathrooms and other amenities," says Rubin.
Rubin says the company has not yet offered the student units for sale to investors because of the current economic conditions in the property market. "But as interest rates continue to decline, but so investor sentiment is likely to shift back towards purchasing and we may look to actively marketing sectional title units for sale later in the year," he says.
Net rental returns on units in the suite of inner city properties managed by the group continue to hold at between 10% and 14%."We expect student accommodation to make up an increasing proportion of our property portfolio," says Rubin.
With record numbers of students entering universities this year, demand for student accommodation in central Johannesburg is starting to outstrip supply.
Inner city developer Aengus Lifestyle Properties (ALP) has seen the number of students renting its refurbished apartments in central Johannesburg grow from 142 last year to over 1,200 with this year's student intake."There are about a ten times oversubscription for available student rooms," says ALP CEO, Richard Rubin. "University residences are battling to cope with the increased demand."Last year about 22,000 more learners than in previous years passed Matric with university entrance, putting pressure on Wits University and the University of Johannesburg to accommodate more students than usual this year.
According to some estimates there are more than 7,000 students needing accommodation and just 700 available rooms on or near Johannesburg university campuses. Rubin says demand has also been driven by a massive influx of foreign and out-of-province students over the past few years as the city's universities are regarded as among the country's premier academic institutions.
Aengus Lifestyle Properties began upgrading a number of buildings in Braamfontein into upmarket student accommodation last year. "So far this year, we are oversubscribed in terms of tenant demand for these buildings," says Rubin.
Now the company is looking at developing the YMCA building on Rissik and Smit Streets into a mixed-use development incorporating student accommodation."Students are tired of staying in dormitory-style accommodation where they may have to share bathrooms and other amenities," says Rubin.
Rubin says the company has not yet offered the student units for sale to investors because of the current economic conditions in the property market. "But as interest rates continue to decline, but so investor sentiment is likely to shift back towards purchasing and we may look to actively marketing sectional title units for sale later in the year," he says.
Net rental returns on units in the suite of inner city properties managed by the group continue to hold at between 10% and 14%."We expect student accommodation to make up an increasing proportion of our property portfolio," says Rubin.
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