RandomComment wrote:If something goes to make way for more commercial space in Central Square it will be the private resi as opposed to the student resi I think. Apparently rates of return on student resi are a couple of percentage points higher than private resi at the moment - at least in prime student sites.
To see why, you get students paying £120 a week for a pretty small en-suite room and access to a shared kitchen/lounge. OK you get internet and other utilities included. But, say £15 a week for that tops... So net rent of £105 a week, or £450 a month. You get 6 of these students in a cluster flat and thats £2,700 a month. You could rent two three-bed houses for something like what, £1,600 a month?
I don't really see why students are choosing these student blocks given the excessing rents. Is it simply that the current generation of students just aren't ready for the big bad world where you have to pay your own bills? Or is an ensuite room really worth that much more?
Good news re: 1 Central Square. I think 2 Central Square should be at least partially let soon. The fact they increased the size in the submission of reserved matters suggests there is significant interest. Whether or not it will be LG I'm not so sure. Might they move part of their workforce there and occupy part of the building? Keep the staff carrying out simpler, less well-remunerated staff in older cheaper accomodation (and actually Queen St might be a better location for many of the workers commuting down from the Valleys).
My niece is in Uni in Swansea and is paying a daft amount for rent in one of these plush schemes compared to slumming it in a house like I did all those years ago in Ponty. On one hand I understand the appeal, it looks nice, is well looked after and the place she's at is so much more secure than it could be, but on the other hand she's 20 and I do agree with you - I think it's delaying the growing up. At that age I was doing my sandwich/third year in London living in a shitty house with a few other people a few hours from my parents, paying all my own bills and pissing all my spare cash up the wall in central London every weekend. Don't get me wrong I don't want her, or my son when his time comes, to be living in a shithole but it's wasting the little amount of money she earns from her two jobs. It's her life I guess.