He says the growing trend for luxurious interior design in modern student accommodation has helped spark a larger, American-style culture of lifetime rental accommodation.
Acres Interiors, the interior design arm of the Nottingham-based company, has included a gym, coffee bar and library with pocket workspaces in its designs for Chameleon’s Rest.
The multi-million pound project – with luxury studios with en-suite bathrooms, vibrant colors and ambient LED lighting – is designed to meet the growing expectations of today’s students and reflects just how much developers need to improve their game in an extremely competitive market.
Still in the pre-planning stage, Chameleon’s Rest is just one of many projects to which Acres Architects is bringing its expertise to the booming build-to-lease market.
The practice, based in Nottingham Science Park, believes that the higher expectations of students and their families are helping catapult society closer to a culture of lifetime rental rather than the traditional British aspiration of homeownership. .
Edward Acres, Founder and CEO of Acres Group, comments: “Student housing today is so good that when they leave college, graduates can’t afford to buy something nearby. of the same level. But they still want it.
“So they’re renting out fabulous new downtown apartments instead. This is a major change from what we were used to – and there is now a huge emerging market for single family homes in the suburbs that are only available for rent. It’s a very American model, but a direction we’re definitely heading in the UK.
Acres says the “culture of monthly payments” was already evident in many aspects of modern life, from the way we pay for everything from cars to music, so the dynamic shift more strongly towards renting lifetime homes. was not surprising.
“More and more people, from their twenties, will have to rent rather than buy,” he continues. “It’s not all the result of dramatically improved student accommodation, but it certainly reflects an increase in our expectations compared to a few years ago.
Alicia Hollis, interior designer at Acres Group, says there was clearly a proven market for more sophisticated design in student accommodation, driven in part by universities’ desire to attract affluent foreign students, especially those from abroad. ‘Asia.
“The design now looks more like hotels,” she adds. “Better configured kitchens and common areas, gyms, play areas and stylish cafes are becoming the norm, as is the increasing emphasis on wellness areas and ‘bringing the outdoors to the outdoors. ‘inside’. “
“Students today are also rarely forced to sleep in small single beds and most have en suite bathrooms. ”
Inauguration of the new development site in Bristol
An “innovative” event to mark the start of construction of the first new homes at McArthur’s Yard took place last week.
On November 17, Cabinet Member responsible for housing and housing delivery Councilor Tom Renhard joined senior members of the Guinness Partnership and the Hill Group in formalizing this milestone.
Commenting on the start of work on site, Cllr. Renhard says: “An excellent partnership between Guinness and Hill, in conjunction with the Planning Department of Bristol City Council, has enabled this abandoned brownfield site, which had been vacant for 20 years, to finally be put to good use. I am delighted to be here today to pave the way for what will soon become new homes for the people of Bristol.
The important port site of the historic Bristol shipyard is one of the few areas that remains underdeveloped in the city. When complete, McArthur’s Yard will provide 142 new homes for sale, condominium and social rent as well as a ground floor commercial space and cafe for community enjoyment.
Jon Milburn, Group Development Director at The Guinness Partnership, said: “We are delighted to have had Advisor Renhard with us this morning and thank him for taking the time despite his busy schedule of attending. our event.
“This ceremony marks an important ‘next step’ for Guinness and our delivery partner Hill as we begin to create a new community on the waterfront. I am delighted that work has now started on this important addition for the city.
Mc Arthur’s Yard will provide a collection of 142 one, two and three bedroom homes, which will be modern in design, thermally efficient and economical to live with 20% of the energy generated by renewable energy.
The program will also include cycle spaces providing residents with easy access to the city center and electric car charging points will be installed to improve environmental benchmarks.
Throughout the construction of this new mixed-use development, new jobs will also be created for skilled local construction while the new street-level business units of the development will continue to boost the local economy while providing residents with premises a wider choice of businesses on their doors.
Hill Group Managing Director Andy Hill adds: “We are delighted to celebrate the start of this exciting regeneration project in Bristol, a city experiencing increasing demand for housing. McArthur’s Yard will offer an attractive mix of new social and private apartments and homes that we will create to fit today’s lifestyle. I am sure many people will really enjoy living in this unique waterfront development when completed.
BTR’s ambitious development in Hull gets the green light
A new construction for lease (BTR) development in Hull is about to be delivered after building permit was granted by Hull City Council.
The £ 6.6million development will be the first of several projects undertaken in partnership between BTR provider Wise Living and developer Strata Homes. It is also the first Wise Living project in collaboration with, and to be funded by, PGIM Real Estate.
The project will see 50 BTR homes, including two, three and four bedroom properties, built on the Preston Road site in the city’s Marfleet area.
The plans are part of a large regeneration project that is delivered by Strata, Keepmoat Homes and Homegroup. When completed, the site will house over 500 new units, with the 50 BTR homes being part of the first phase of the project.
The approval for the development comes at a time when BTR has seen strong growth in the UK, not only in major populated areas, but also in small towns. In the first quarter of 2021, the sector received an estimated investment of £ 1.2 billion, up 335% from the first quarter of 2012.
Speaking on the project, Mark Gratton, Director of Lands and Development at Wise Living, comments: “We are really delighted that our first BTR development in partnership with Strata has been given the green light following the exchange of contracts. . Together, we will be delivering quality private rental properties to the City of Hull, and we look forward to construction starting in the near future.
“We are delivering this project at a time when demand from families for high quality rental properties in suburban areas is on the rise. Remote working is here for a lot, which means people now have more flexibility as to where they live and choose quieter areas with easier access to green spaces. We have already seen this through our suburban BTR developments in Mansfield and Telford. “
Gratton says working with developers who share Wise Living’s ambition to provide high-quality rental properties in the suburbs has been at the heart of his strategy and why he sees Strata as a key partner.
“We look forward to delivering more BTR developments in partnership with Strata in the coming months, with progress already made at additional sites in Mansfield for 36 units and in Nottingham for 113 units as part of our overall growth pipeline.” , did he declare.
Mark Leaf, Land Manager at Strata, adds, “It’s great to have been able to cement the relationship with Wise Living by starting a new project with them. Their product is a superb complement to ours on the Hull program and will help create a sustainable neighborhood alongside our partners. ”
“We have worked collaboratively to advance this program which will see Strata deliver 242 new homes as part of our strategic relationship with the local council.”
Earlier this year, PGIM Real Estate acquired a portfolio of BTR single family homes from Wise Living. Comprised of five existing projects and three development sites, the agreement includes a total of 433 units, which Wise Living will continue to manage on behalf of PGIM.
Preston Road in Hull is the first of three new development sites to be announced as a result of the agreement.