A number of student accommodation developments have been announced in Coventry in the last few months and many residents are far from happy. But the 'epidemic' looks set to continue, especially if every large building that goes up for sale is touted by student property experts as the next big thing.
This week estate agents Optim House are marketing the Old Fire Station in the city. It's on the market for slightly less than £4 million, and that money will get you a 150-year lease from the council and 14,500 square feet of floorspace. They had this to say of the property, "Recently Coventry has been the recipient of a mass influx of students due to Coventry and Warwick universities raising their status as places of education and, as such, there have been a number of construction projects run by much larger corporations to fill the need of student accommodation. This is an opportunity for potential investors to break into a huge industry filled usually with the bigger market players."
They claim that the building could support up to 120 rooms at a price point of about £450 a month per room.