In partnership with Fortis Developments, this conversion of a former office block has already been given the go-ahead by city planners, following pledges from the university and council to tackle the housing shortage.
The number of student beds provided by the city’s leading universities, The University of Sheffield and Sheffield Hallam, currently stands at just over 10,000 making it inadequate for the burgeoning student populace of over 60,000.
This shortage was exacerbated even further at the start of the academic year, when applications at the University of Sheffield reached their strongest number since 2010, with over 35,200 students applying to become a part of the University representing an uplift of 10% from the previous academic year.
A similar rise in popularity was experienced at the neighbouring Sheffield Hallam University, who received 36,000 applications for just 9,000 available undergraduate places in September.
This shortage means the 178 studios in Sovereign House will provide a much-needed boost to the student housing sector, in addition to providing desirable accommodation to students due to its unique location within walking distance of the city’s universities.
Constructed by Fortis Developments, the refurbishment of Sovereign House will cost around six million and will follow the typically high standards of previous developments delivered by the firms.
Fortis Developments and Knight Knox International have collaborated successfully to deliver a number of student developments – all of which are completed, 100% let and delivering high rental yields. Projects such as Rede House in Middlesbrough and St. Andrew’s Court in Glasgow are examples of the quality of development brought to market by the partnering companies.
This development will cover over 3,700 square metres and is set to be complete by July 2015, in plenty of time for the start of the academic year in the following September.
Students will have studio rooms and boutique furnishings, in addition to having access to a range of luxury communal facilities including a TV/cinema room and a state-of-the-art gymnasium.
Units are available to purchase through Knight Knox International from a starting price of £59,995 and investors will receive an assured rental yield of circa 8.35% for the first two years.