Around half of investors in Clyde House, Glasgow, are from overseas, including buyers from Azerbaijan, Lithuania, and Hong Kong and Macau of China.
A Scottish student development has sold out after just five months – with around half of investors coming from overseas.
Clyde House is the seventh development that Knight Knox International in partnership with Forshaw Land & Property Group that has completely sold out within a year of being launched. It offered 90 studios from £57,500, generating 9% net returns for two years.
Around half of the buyers were from the UK, with the rest consisting of a range of countries, including Singapore, United Arab Emirates, Taiwan, Malaysia and Cyprus.
Head of Marketing, Samantha Jones, tells OPP Connect, “We also had some more obscure or less obvious countries in there like Azerbaijan, Belgium Lithuania, Switzerland, Jersey and Macau.”
Clyde House, so named because it is on the banks of the River Clyde, has been hugely popular with investors as a result of Glasgow’s booming rental market and was acclaimed as ‘the highest yielding destination for student property’ by property website Zoopla in 2013, says Knight Knox International.
Clyde House, which includes communal lounge, fully-equipped gymnasium and a games room, is close to Glasgow city centre. It is planned to be completed by August 2014.
Rental demand is boosted by a shortage of student accommodation, as there are just 7,102 university-owned beds for a total student population of more than 45,000 in Glasgow.
“Developments such as Clyde House are needed throughout Glasgow, in order to provide a solution to the city’s housing shortage.”
The proportion of overseas buyers varies from development to development. For instance, St Andrew’s Court, one of Knight Knox International’s tenanted developments in Glasgow, buyers from Hong Kong made up more than 60% of the development.
Knight Knox International and Forshaw Land & Property Group’s latest development is the Queen’s Brewery in Manchester, a 64-apartment conversion of a grade II listed brewery. It was launched in March and is already more than 50% sold out.
The Clyde House refurbishment of a beautiful period building echoes Forshaw’s history of breathing new life into character property. Previous projects have involved churches, breweries and even a prison, being converted into private student accommodation and residential buy-to-let properties.
The portfolio of student and residential properties are managed through Forshaw’s sister company Primo Property Management.
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