The solution for huge rental demand in Newcastle City CentreMake Text Bigger
With huge amounts of regeneration underway in Newcastle city centre, the capital of the North East is bolstering its reputation as one of the UK’s most attractive cities for renters, but the city is only just beginning to cater for it.
The city has been densely populated by students for a number of years, with impressive retention rates contributing high quantities of post-graduates and young professionals to the tenant mix.
Regeneration projects such as the £350m Science Central development are further adding to this pool by creating vast amounts of employment opportunities in the city and dramatically increasing the local economy.
Considering the city already boasts one of the highest ranked universities in the UK, plus another university claiming one of the country’s largest student bodies, the city centre struggles to accommodate for the increasing demand – there are still 2.8 students per PBSA bed (Savills).
With a noticeable shift away from students opting to live further away from the centre in favour of cheaper rents, and the city council aiming to reduce the number of students in the suburbs for the benefit of the residents, planning has been granted for several PBSA developments and tougher regulations on HMO licenses have been imposed.
However, there’s one development in particular that’s combatting the problem with a fresh solution that’s highly attractive to landlords, tenants and investors alike, plus it’s set to be the tallest development in the city to date:
Hadrian’s Tower is a 26 floor, 82 meter development bordering the highly-anticipated Science Central, ideally situated walking distance from the university campuses, in a key gateway location close to major road links and Newcastle Train Station, attracting all tenant types.
Comprising of 162 premium quality apartments for the private rental sector (PRS), Hadrian’s Tower will fill a big gap in the Newcastle property market, offering the opportunity for students, post-graduates and young professionals to live alone or with friends, without having to live in a studio apartment or ‘cluster accommodation’’, the typical set up in private student halls throughout the city.
- 5 years 7% Net contracted rental yield
- 5% interest paid on deposit during build period
- 25th floor ‘Sky Lounge’, exclusive cafe and 24/7 concierge
- Direct from the developer