The student accommodation specialist Knight Knox International has just launched its new Manchester project in the Chapel Street area. It will be the third boutique student development the global property firm has launched this year, and the launch follows the major successes experienced by the firm in the student accommodation markets during the past 12 to 18 months.
Recent successes such as selling out Bart House in just three months have allowed the company to enjoy an exclusive status with partner developers like X1 Developments, who have again appointed Knight Knox international is the master sales and marketing agent for this latest project.
Martin Copeland, sales director at night Knox international said “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 the need for purpose built student accommodation. Manchester is a regional city similar to this and would normally offer yields of 6 to 6.5%, but by choosing to invest with us in Chapel Street investors can receive 8% assured net yields for the first three years. 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.”
Manchester is a city with a population of more than half a million, including over 50,000 students so it’s easy to see why demand for student housing is currently out reaching supply. The need for purpose built student accommodation was identified by the Financial Times last year who called Manchester’s student market 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 built over four floors with additional retail units located at ground level, and it’s located in an exciting area. More than £10 million of investment has already flowed into the Chapel Street area, and much more spending is planned during the next few years. Eventually the scheme will generate 11,000 jobs, 849 homes and 390 hotel rooms and 220,000 m² of commercials floor space. The Chapel Street development will contain over 90 en suite bedrooms with a starting price of £54,950 and an assured net rental yield of 8% for the first three years. More information on the development can be obtained through contacting night Knox International.