14:58 PM, 23rd February 2018, About 3 years ago
Granite House is a Grade II listed building on Stanley Street in central Liverpool. Built in the traditional construction style of the early 20th Century, it will be re-purposed to a boutique student accommodation development. Many of the buildings on Stanley Street are old warehouses (a nod to Liverpool’s industrial past) that have been converted into offices or places of residence, and Granite House is no different.
The area is lively, with plenty of bars and restaurants close by. It is also a 5-minute walk to the city centre and attractions such as Liverpool One and The Albert Dock, making it an attractive option for students. The building is also close to Liverpool Lime Street railway station, so it convenient for students who hail from further afield and do not wish to spend a lot of time travelling to their halls of residence. Similar student developments in the area have proven extremely popular with students and investors alike, such as Stanley Court which sold out in just a month.
Not only can students easily enjoy the cultural offerings and nightlife that Liverpool boasts, but the university campuses are close by. Liverpool Hope’s Creative Campus, The University of Liverpool and Liverpool John Moores Copperus Hill campus are all just twenty minutes’ walk away.
Granite House will comprise 39 self-contained units with en-suite bathrooms and integrated kitchens. A range of communal facilities will also be readily available for tenants, such as a communal basement area that will be used as gymnasium, break out areas with TVs, foosball tables, pool tables and comfortable lounge furniture. The studios will also be furnished to the highest specification, walk-in showers, built in mirrors, LVT flooring and 2/3 seater sofas.
As we have touched upon before, students are becoming more discerning with their accommodation choices. Student property must be modern, have excellent facilities and be in a prime area close to campuses, restaurants, bars, shopping districts and other cultural offerings.
Stanley Street is renowned for its bars and boasts a lively nightlife scene. The southern half of the street was subject to various civil engineering project called the Big Dig, a decade-long scheme that was implemented in preparation for Liverpool’s 2008 European Capital of Culture status. Since regeneration, property prices in the L1 area have skyrocketed, shooting up 41% in the three years to 2015.
Liverpool One is a large shopping and leisure complex completed in 2008 that is situated just a five-minute walk away. It is the UK’s largest open-air shopping centre, and since its completion it has significantly boosted Liverpool’s economy and catapulted Liverpool into one of the UK’s top five retail destinations, as each year it welcomes over 29 million visitors.
According to research carried out by Knight Frank, in 2016, some £3.1 billion was invested in purpose-built student accommodation, which is more than double the level of investment seen in 2013 and 2014 – a clear indication that there is a market for this type of property.
Liverpool’s student accommodation sector alone is worth £256 million, with the majority being in the city centre. Students make up 52% of city centre residents. As per new research conducted by The Mistoria Group in 2017, demand for purpose-built student accommodation in Liverpool has surged by 35% over the past 12 months. In 2016, there were 60,000 students studying in Liverpool which is a 20% increase on the previous year, and it is estimated that around 60% of those require accommodation.
The student population in Liverpool is rising, as is the standard students are expecting their accommodation to be at. According to Student Accommodation Tracker, only 28% of the student property options currently available meet those expectations.
The University of Liverpool has a significant percentage of international students, some 28.8% of individuals studying there come from overseas, and thus require accommodation as they cannot live at home and commute to their university campus every day. In fact, the University of Liverpool runs a partnership programme with Xi’an Jiaotong University in China and established a new autonomous university in China named XJTLU. Students studying at XJTLU have an opportunity to study in Liverpool, creating a further need for accommodation.
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