Covid-19 Impacts PBSA Valuation
27th Jan 2021
Landlord Werner Toogood who runs a Students Lettings Agency, has hit upon a niche market within student housing after developing a number of high-flying student cribs. Kitted out with air-conditioning, golden chandellers and complimentary dressing gowns and slippers, Toogood loans these luxury flats at approximately £1,000 per month, nearly three times as much as the average student rent in the area.
After buying the former office block in Canterbury, Kent at £300,000 and then developing at the same price, Toogood has established a portfolio of luxury student flats, which are being snapped up like hot cakes. Besides the chandeliers the flats also become equipped with leather sofas, en-suites and smart TVs.
He said: "The fact is there will always be a number of students whose parents want them to have the best and are prepared to pay extra for it." Toogood predicts there to be a 50/50 split between international students who will pay such a high student price and UK students. Currently, he manages nearly 200 properties and has about 500 tenants.
27th Jan 2021
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