The seven-storey blocks has already been given the go-ahead by city planners and once complete, will comprise of 231 double en-suite rooms. Bardsley are set to begin work on the site w/c 2nd June 2014 and aim to complete the student block in time for the September 2015 intake.
A spokesperson from Bardsley commented:
“Bardsley are delighted to have been appointed by X1 Developments for the delivery of X1 The Edge, their latest scheme in Liverpool and our fourth scheme together, having successfully delivered X1 Arndale House and nearing completion on X1 Chapel Street. This project will continue to develop and enhance the relationship we have with X1 and we look forward to completing X1 Salford Town Hall and X1 The Edge in the summer of 2015”.
X1 The Edge is the second Liverpool-based student development that Knight Knox International and X1 Developments have appointed Bardsley Construction to complete, with the firm having recently constructed a £4.7m project to transform Arndale House on London Road into 160 double en-suite student rooms.
X1 Arndale House, which is located minutes away from X1 The Edge, was completed on-time and has already filled 75% of its rooms for the upcoming academic year, confirming the popularity of the area among students.
However, X1 The Edge will be the fifth Liverpool-based development that Knight Knox International and X1 Developments have launched in Liverpool over the last 18 months, including student developments X1 Borden Court and X1 The Quarter, a five-phase residential development in Liverpool’s Waterfront Quarter.
Iqbal Hussain, Sales Manager at Knight Knox International comments; “Our partnership with X1 Developments ensures that we always have the highest quality stock available to offer our investors. The Liverpool and Manchester markets have shown particularly strong growth over the past 12-18 months, and we have been inundated with enquiries for both residential buy-to-let and purpose-built student accommodation investments in these two cities.“
“X1 The Edge has been particularly popular following on from the success of X1 Arndale House and we are looking forward to seeing construction start.”
X1 The Edge is the fifth development that Knight Knox International and X1 Developments have launched in Liverpool.
Liverpool was the chosen destination for these projects due to an acute undersupply of student housing in the city and high rental demand for residential property.
Property consultants Savills recently highlighted this undersupply in their 2014 Student Spotlight report, where they gave Liverpool an upper-second in a ranking system which considers the potential for future development in purpose-built student accommodation in university cities across the UK.
This undersupply was exacerbated at the start of the academic year, when both the University of Liverpool and Liverpool John Moores University reported a surge in admissions.
X1 The Edge is designed to meet this lack of bespoke student housing in Liverpool, providing future residents with boutique furnishings and a wide range of facilities including communal rooms and a full fitness suite.
The residence, which will be located within walking distance of the University of Liverpool and Liverpool John Moores University, will also have amenities including a gymnasium, launderette, bicycle storage and a private residents’ courtyard.
X1 Lettings, the lettings and management arm of X1 Developments, will provide on-site management and round-the-clock maintenance services at the site. To find out more about X1 and their developments, click here.
There are a limited number of the apartments still for sale priced from £54,950, offering investors an assured NET yield of 8% for five years.