For the last 3 months, we’ve been looking at an interesting development in the Midlands. This Nottingham student investment opportunity is right on the door step to a good, reputable university and will offer circa 55 rooms. As some of our clients know, a number of councils are adopting the article 4 direction i.e. by which a Local Planning Authority can remove permitted development rights, meaning planning permission would be required for the change of use from a Dwelling house to a House in Multiple Occupation. This adoption of policy is in effect driving student areas away from ‘core’ residential areas and ‘deghettoization‘ of student hubs wherever the local council is looking to reinstate a more residential environment. In this particular case with Nottingham, the local council is only willing to provide change of use to student accommodation and planning permission for student accommodation within an 1000 meter perimeter of the university campus border. Whilst we think that these guidelines are a bit ambiguous (!), the site we have been looking at and viewed a couple of times in the last few months certainly falls within this distance and we are very confident of securing planning permission for this. In fact, the agent we are working with is pretty much guaranteeing planning permission.
How do we create the optimum number of student rooms?
However, our concern lies more with the shape of the building design than anything else and there is a flexibility problem when looking at how to accommodate the optimum number of student pods within the current floorspace of the property. We’ve attached our designers initial perspective of the room below to show our clients where we think the problems may lie.
Our concerns for this Nottingham student investment project
Obviously, when it comes to offering good quality, high yielding student property investments in the UK, our principal criterion is to offer a good deal to all our clients whilst at the same time, providing a meaningful return to our project backers and financiers. We’re finding this particular project somewhat tricky to move beyond the pre-planning stage due to the awkward shape of the building. If you’d like to know where this particular proposed investment is, then please send us an email and we’ll be happy to give you further details.