Homes for Students, the national student accommodation manager, has been awarded a 355-bed, three-year deal by London & Scottish Investments for Crown House in Sheffield.
The contract will be managed under Homes for Students’ Prestige Student Living brand, which is directed towards high-end student accommodation and has over 4,000 beds under its management, across 15 cities.
The fixed price operational FM expenditure and management fee is circa £1.5m over three years.
Crown House offers a range of luxury studios and two-bedroom en-suite apartments with hotel style amenities including lounges, private cinema, dining room, games booths, study area and fitness suite. There is also a strong focus on the student experience with a fitness gymnasium, massages and trips to local attractions, all included within rents.
London & Scottish Investments is a co-investing asset management and property development business investing in development opportunities across the commercial, residential and student housing markets.
Graham Rogers, commercial director, Homes for Students, said: “The addition of Crown House to our portfolio is testament to our branding strategy, which is reflected in the increasing number of schemes we are managing under the Prestige Student Living brand. While some student accommodation providers are focused on international markets, our focus is currently on the UK where we believe there is still a significant opportunity to maximise investor returns in an increasingly competitive market.”
Homes for Students has forecast 69 per cent growth in revenues for the 2019-2020 financial year. Its unique service proposition is based on taking the risk on facilities management costs allowing the company to concentrate on sales and marketing at each property, which is incentivised by a sharing in revenue above agreed target net operating incomes