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"This trend successfully takes obsolete office stock and creates a new life for these buildings. It's a win win situation for everyone. It frees up family housing and contributes towards the economy of our city centre, and if there are more beds within the city there is rental competition, which can make Nottingham a more cost effective student location."
five years towards flexible study, with Higher Education Institutions (HEIs) offering a wider range of two year degrees instead of the traditional three year courses. Applications from mature students are also expected to rise, particularly for vocational courses.
To date, Jones Lang LaSalle has exchanged, completed or put under offer buildings which will deliver around 550 Fila Shoes Models student beds within the city and already there are a series of buildings at various stages of the development pipeline which are being converted by national investors, developers and operators.
Looking ahead, Robertson says he believes there will be continued development in the city centre: "There is clearly an appetite for purpose built accommodation from students and investors in Nottingham. There is now a focus on the next university intake for 2013/14. We are already working on a number of schemes nationally, as well as in Nottingham which are proposed to be delivered for September 2014, highlighting that demand is expected to continue.
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Recent activity includes exchanging on 55,000 sq ft at Minerva House, situated in Spaniel Row, with a proposal for the redundant office building to deliver 151 student bedrooms. Similarly, 30,000 sq ft at Victoria House and 45,000 sq ft at Lawrence House were two buildings which were no longer viable for refurbishment for continued office use, and Jones Lang LaSalle identified student developers for their conversion.
said: "There are real opportunities in the city to stimulate growth through redevelopment of obsolete buildings, creating sustainable new environments which are more easily managed and policed. There is evidence that students are more attracted to living in the city centre, which in turn brings further spending into the local businesses and nightlife.
so there is room for growth
Robertson added: "There is evidence to suggest that with rising tuition fees, the student market will shift over the next Le Coq Sportif Eclat Silver Metallic Trainers
New energy regulations are also expected to impact on older and more challenging buildings. In 2018, it will be illegal to offer an office building for let (or sale) unless the EPC rating is E or above. These buildings will, therefore, require significant capital expenditure and are likely to be converted to alternative uses or demolished.
Jones Lang LaSalle says the reason for this trend is two fold. Firstly, the office rents and capital values within Nottingham are low against high student rents, therefore the viability of conversion to student accommodation is more commercial than refurbishment for continued existing use.
"This will drive demand for accommodation with a greater specification, with fewer students wishing to share and more of an emphasis on homes which resemble private apartments as opposed to the institutionalised accommodation which has traditionally been provided."
THOUGH office take up figures for the past 12 months showed proposed conversion to student accommodation outstripped all other uses Fila Sneakers From The 90's
If converted to student accommodation they will be more cost efficient for the occupiers than the existing dated housing stock within Nottingham. With students already having to withstand growing tuition fees, they will look to more energy and cost efficient accommodation offered by purpose built schemes which understand and cater to the sector.
Matthew Robertson, associate director at the Nottingham offices of Jones Lang LaSalle, reports that Nottingham is being highlighted across the UK as a target location for regional and national student developers and operators.
Demand is focused on Nottingham as there are two strong universities and the capital value of office space is relatively low.
during the same period, Jones Lang LaSalle believes the sector still offers room for growth. During 2012, 275,000 sq ft of legal exchanges/completions occurred for offices to be converted into student accommodation, while during the same period, offices acquired for business space added up to 240,000 sq ft, highlighting the dominance of developer demand within the city.
UCAS figures issued during 2012 highlight that demand continues to outstrip supply in student accommodation.
There are 50,000 students with a residential need in the city, with only 14,500 housed in institutionally provided accommodation, highlighting the shortfall of suitable properties within Nottingham. Around 40 per cent of the intake comprised full time and international students which is anticipated to increase, putting greater demand on dedicated student stock.
Further, student housing is outperforming other commercial real estate sectors within the UK, delivering total returns of between 11to 15 per cent. Unlike the commercial market there is a relatively stable income and stronger potential for rental growth with higher occupancy rates.
"By converting obsolete buildings into student housing, the availability of traditional housing within the city and immediate suburbs will increase by releasing private properties currently let to students. This will help address the present shortfall of family homes, which is currently behind target."
Due to the less cyclical nature of further/higher education the performance of student assets is more resilient to downturn in performance.
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