North West property investment firm Knight Knox International, in partnership with Fortis Developments, has announced the launch of its latest student development located in the heart of Middlesbrough – Rede House.
A conversion of a former office block on Corporation Road, the building will contain 230 studios, in addition to a host of communal facilities designed specifically with students in mind, including a lounge and entertainment room, fully-equipped gymnasium, laundry room and secure bicycle storage.
Indicative of the current student accommodation market, this launch of Rede House comes after the student market posted strong results again this year, with investor returns totalling 7.8% in the year to September 2013, outperforming every property asset class according to global real estate consultancy Knight Frank.
The 23rd exclusive student development the company has launched, Knight Knox International has long specialised in the sector after realising that students preferences are changing from traditional living spaces, such as traditional landlord-owned houses of multiple occupation (HMOs) and university halls, to more boutique private student accommodation; a trend which is set to only gather pace, with leading property consultant Savills advising students living in HMOs to move to private student accommodation, in order to unlock over 66,000 houses and alleviate the country’s current housing shortage.
The first project the company has launched in Middlesbrough after identifying the area as worthy of investment; a view confirmed by the fact that the city has seen the second highest growth in the country for the number of businesses within its boundaries, Rede House is set to be perfectly situated for students, less than a minute walk from world-famous venue The Empire and just an eight minute walk from Teesside University.
A university whose star continues to rise, although having already made the grade as the first modern university to scoop the ‘Times University of the Year Award’ and attracting a student populace of over 28,000, Teesside University is set to see admissions grow even further in upcoming years.
This growth is set to happen as a result of the university’s investment over recent years, which has seen the it spend over £200 million improving facilities, which has resulted in the students rating the quality of the university’s facilities as high as 89%, explaining they were happy with the university’s library and learning resources in the latest national student survey.
Students will also have local amenities on their doorstep, with the ground floor of the office block remaining as retail space, with five large units offering extreme convenience to residents.
A planning application has been submitted to Middlesbrough City Council and, if approved, the development will be completed in time for the September 2014 intake.
Samantha Jones, Head of Marketing at Knight Knox International comments;
“Rede House is the ninth exclusive development we have launched in partnership with Fortis Developments and, if past projects are any indicator, then it is certain to raise the bar for student accommodation in the city. Faced with today’s more commercially-minded students, the inclusion of the communal areas and gymnasium, in addition to the residence being within walking distance of Teesside University, make Rede House the perfect destination for Middlesbrough’s student population.”
“Previous projects we have launched in partnership with Fortis, such as Bard House in Nottingham, Dunn House in Sunderland and St. Andrew’s Court in Glasgow are all 100% let and sold out within months of being launched. We anticipate similarly high levels of interest in Rede House, due to its excellent location and competitive price point.”
Units are now available to purchase from Knight Knox International at an exclusive pre-launch price of £33,995 for a standard studio, although deluxe and premium studios are available for a higher price. Investors are offered up to 9.5% NET rental returns for the first 2 years.
About Knight Knox International
A market leader in worldwide property investments, Knight Knox International offers an extensive range of property and services on a global scale. Specialising in student accommodation and residential buy-to-let, Knight Knox International has over 12 completed student developments to its name and has launched nine residential developments in the last year.
In addition to being a specialist in the UK market, Knight Knox International has also established strong on-the-ground relations with overseas experts, ensuring only the best overseas investment opportunities are brought on to market.
Article Provided by – Knight Knox International