This launch follows the major success experienced by the property firm in the student accommodation market over the past 12-18 months. Achievements such as the selling out of Bard House in three months, have allowed the company to enjoy an exclusive status with partner developers like X1 Developments, who have again appointed Knight Knox International as the master sales and marketing agent for this exciting project.
“This is the fourth time we have worked with X1 Developments and by combining with experienced developers such as X1, we can deliver high quality student projects in regions with a need for purpose-built student accommodation. Manchester is a regional city similar to this and would normally offer yields of 6-6.5%, but by choosing to invest with us in Chapel Street investors can receive 8% assured net yields for the first three years.” Comments Martin Copeland, Sales Director at Knight Knox International.
Copeland continues “Over the last 18 months we have had our name on more than 10 completed high-yielding student developments and this recent success has helped us establish ourselves firmly as a specialist in the boutique student property market.”
The Financial Times in 2012 labelled Manchester’s student market as an ‘opportunity market’ for investors.
Home to more than half a million people, including over 50,000 students, it is easy to see why demand for student housing in Manchester is currently out-reaching supply. This need for purpose-built student accommodation was noticed by the Financial Times in 2012 when they labelled Manchester’s student market as an ‘opportunity market’ for investors who want to supply the current surplus of students who are seeking lodgings.
Chapel Street is a new-build development designed over four floors with additional retail units located at ground level and is located within an area which is embarking on an exciting period in its history.
Infrastructural improvements are happening at a rapid pace; over £10 million of investment has already flowed into the Chapel Street area with much more planned to be spent over the forthcoming years. Eventually, the scheme aims to generate 11,000 jobs, 220,000sqm of commercial floorspace, 849 homes and 390 hotel rooms.
The development will contain over 90 en-suite bedrooms which will be available at a starting price of £54,950, with an assured net rental yield of 8% for the first three years.
For further information on Chapel Street, or the full range of student accommodation developments available through Knight Knox International, please contact +44 (0)161 772 1370.