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NOTTINGHAM
CITY MARKET REPORT
STUDENT PROPERTY RESEARCH | 2019 / 20
Q2 2020
NOTTINGHAM CITY MARKET REPORT
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NOTTINGHAM CITY MARKET REPORT
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INTRODUCTION
This City Market Report outlines the key metrics associated with purpose built student accommodation in Nottingham.
The report positions the city in the context of the wider UK market and illustrates key comparators. The report illustrates the key locations for purpose built
student accommodation and analyses the demand and supply dynamics in Nottingham, with a focus on Pricing, Accommodation types and future supply of student beds.
C O N T E N T S
UK Student Populations 3
Higher Education Institutions 4
Purpose Built Student Accommodation 5
Pricing 6
Development Pipeline 7
Appendix I – University Locations and PBSA Locations 8
Appendix II – Bed Numbers and Pricing 9
Appendix III – Development Pipeline 11
Knight Frank Student Team 12
N O T T I N G H A M S U M M A R Y
Close to Derby, Loughborough 2 hours by train to London 2 Higher Education Institutions 18% of the city population are students
59,397 full time students 15% Growth since 2013/14 19% of student population are international 55% Students unable to access PBSA
NOTTINGHAM CITY MARKET REPORT
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U K STU DENT POPU LA TIO N S
A map of key purpose built student accommodation markets in the UK.
University campuses and purpose built student accommodation locations.
NOTTINGHAM CITY MARKET REPORT
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HIGHE R E DU CA TION IN STITU TIO N S
University performance
UK Rankings and Student Satisfaction are based on The Times Good University Guide 2020, and the World Rankings based on Times Higher Education
World University Rankings.
Institution UK rankings
(vs 2019) World
ranking Student
satisfaction Mission group
Income % tuition fees
University of Nottingham 21 +5 149 78 Russell Group 50%
The Nottingham Trent University 40 +3 601–800 81.7 University Alliance 83%
Total student growth since 2014/15:
International growth since 2014/15:
Nottingham UK Nottingham UK
17% 11% 19% 13%
University student numbers
Student number statistics based on the latest HESA 2018/19 data.
Institution Full-time under-
graduates
Full-time post-
graduates
% Non UK students
Total full-time HE students
% Growth since
2014/15
3 Year CAGR
University of Nottingham 24,576 6,523 25% 31,099 11% 3%
The Nottingham Trent University 24,921 3,377 13% 28,298 26% 8%
Nottingham Total 49,497 9,900 19% 59,397 17% 5%
Nottingham student growth
Nottingham student growth international
Nottingham international students
UK international students
Nottingham
Nottingham
-
10
20
30
40
50
60
2014/15 2015/16 2016/17 2017/18 2018/19
Full time UK students
UK Undergraduates UK Postgraduates
In thousands
Source: Knight Frank, HESA
-
2
4
6
8
10
12
14
2014/15 2015/16 2016/17 2017/18 2018/19
Full time international students
Non-UK Undergraduates Non-UK Postgraduates
Source: Knight Frank, HESA
In thousands
Top 5 international domiciles
China: (28%)
India: (7%)
Hong Kong: (5%)
Malaysia: (5%)
Nigeria: (3%)
Other: (52%)
Source: Knight Frank, HESA
% of total international students
Top 5 international domiciles
China: (26%)
India: (5%)
United States: (4%)
Hong Kong: (3%)
Malaysia: (3%)
Other: (59%)
Source: Knight Frank, HESA
% of total international students
-
20
40
60
80
100
120
2015 2016 2017 2018 2019
Undergraduate applications
UK EU Non-EU
Source: Knight Frank, UCAS
In thousands
-
5
10
15
20
25
2015 2016 2017 2018 2019
Undergraduate acceptances
UK EU Non-EU
Source: Knight Frank, UCAS
In thousands
NOTTINGHAM CITY MARKET REPORT
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PU RPOSE BU ILT STU DE N T A CCOMMODA TION
Types of accommodation and the level of provision in Nottingham.
University sector PBSA:
Schemes
Beds
31 12,098 Comprises university halls of residence and private sector stock on leases or agreements to the higher education
institutions.
City market comparison
Ranked by % unable to access PBSA
Source: HESA 2018/19
Region Full-time students % Living at home % unable to access PBSA (gross)
% unable to access PBSA (net)
UK 1,858,813 20% 64% 56%
Exeter 22,947 3% 60% 59%
Southampton 30,223 7% 55% 51%
York 23,769 6% 59% 56%
Leeds 57,851 12% 60% 54%
Nottingham 59,397 12% 55% 48%
Loughborough 16,824 5% 54% 52%
Cardiff 35,294 12% 53% 46%
Lincoln 15,200 11% 52% 46%
Sheffield 52,206 13% 48% 41%
There are 59,397 full-time students in Nottingham, therefore, 55% of students in Nottingham are unable to access
purpose built student accommodation or a student to bed ratio of 2.1:1
Private sector PBSA:
Schemes
Beds
61 14,861 Comprises purpose built student accommodation, which is not affiliated with a university.
Accommodation types
27%
47%
26%
11%
38%
51%
Beds by room type
Source: Knight Frank
%
- 5 10 15 20 25 30
Pre-2012
2012
2013
2014
2015
2016
2017
2018
2019
PBSA year of opening
Source: Knight Frank
In thousands
Non En-suite Studio En-suite
Nottingham
UK
NOTTINGHAM CITY MARKET REPORT
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PRICIN G
Rental profile across accommodation types in Nottingham.
Average rental growth across all PBSA
Knight Frank's Student Property Index indicates headline
rental growth for purpose built student accommodation
(PBSA) across Nottingham of 3.1% for the 2019/20
academic year. This is higher than performance across
the UK as a whole of 2.4%.
Nottingham UK
3.1% 2.4%
Average rents in Nottingham
Rent per week across the range of room types adjusted to 51 weeks tenancies. Non PBSA room type based on 2 or more bedroom property and incl. bills of £20pw.
Source: Rightmove, Knight Frank Student Property.
Non en-suite En-suite Studio Non PBSA1
£107 £124 £164 £127
PBSA rental distribution
0
5
10
15
20
25
30
35
40
45
50
£40 £60 £80 £100 £120 £140 £160 £180 £200 £220 £240 £260 £280 £300 £320
% o
f b
ed
sp
ace
s
Rental distribution across the four accommodation types
Non En-suite En-suite Studio Non PBSA
Source: Knight Frank, Rightmove
£ per week
NOTTINGHAM CITY MARKET REPORT
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DE VE LOPME N T PIPE LIN E
A snapshot of the planning pipeline in Nottingham as at October 2019. We use third party data and our own insight of the market to provide an estimated pipeline of student beds.
Source: Glenigan, Knight Frank Student Property.
Development pipeline (under construction):
Planning applications (with consent):
4 1,033 15 2,689 Development pipeline map
University and Private sector beds with planning permission
Source: Knight Frank Research
Nottingham development pipeline
Stage of planning Total no. of beds
Planning applications submitted (no consent) 1,274
Planning applications with consent 2,689
Development pipeline (under construction) 1,033
Total beds (in all stages of pipeline) 4,996
Expected delivery of development pipeline
Year Total no. of beds
Academic year 2019-2020 -
Academic year 2020-2021 1,033
2021 and beyond -
Total pipeline under construction 1,033
When the development pipeline under construction is
completed, the proportion of existing students unable to
access PBSA would change from 55% to 53%. This
projection is dependent on a number of implicit assumptions;
in particular, that the student population remains unchanged.
Ref Address Total beds
1 RedOak Property 353
2 Vita Student Ltd 323
3 Aspbury Planning Ltd 301
4 Mr K Tang 56
NOTTINGHAM CITY MARKET REPORT
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A PPE N DIX I – U N IVE RS ITY LOCA TION S A N D PB SA LOCATION S
Ref Property Total beds
1 University Park - All Hal 3,205
2 Broadgate Park 2,200
3 Madison Gardens 1,196
4 Raleigh Park 1,196
5 Nottingham Two 1,096
6 St Peters Court 807
7 New Hall 727
8 Bonington Student Village 723
9 Perverell 722
10 Trinity Square 700
11 The Glasshouse 674
12 Liberty Point 602
13 Jubilee Campus 600
14 The Village 566
15 Byron Residence 559
16 Brackenhurst Campus 491
17 Radford Mill 483
18 Riverside Point 483
19 Gill Street North 446
20 Global Point 440
21 Nova 434
22 Victoria House 421
23 Goldsmith Court 378
24 Gill Street South 352
25 Newtown & Newland House 350
26 Norton Court 312
27 iQ Exchange 277
28 Cotton Mills 274
29 The Maltings 266
30 Meridian Court 250
30+ See Appendix II
NOTTINGHAM CITY MARKET REPORT
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A PPE N DIX II – B E D NU MB E RS AN D PRICING
University and private owned purpose built student accommodation schemes operating in Nottingham in 2019/20.
This table includes a reference to the map in Appendix I, total bed numbers by scheme and average weekly rents. Term length based on typical tenancy offered at property.
Source: Knight Frank Student Property
Ref Operator name Property name Total beds Non en-suite
En-suite Studio
Private sector PBSA Weekly rents from*
3 Derwent Students Madison Gardens 1,196 £102 - -
4 Derwent Students Raleigh Park 1,196 £103 £128 -
5 Student Roost Nottingham Two 1,096 - £145 £155
6 UNITE Students St Peters Court 807 - £128 -
8 Campus Living Villages Bonington Student Village 723 £99 £109 £164
10 Student Roost Trinity Square 700 - £159 £175
11 Homes For Students The Glasshouse 674 £108 £134 £160
12 Liberty Living Liberty Point 602 - £107 -
14 Manor Villages The Village 566 £116 £126 -
18 UNITE Students Riverside Point 483 - £143 £193
20 Kaplan Residences Global Point 440 - £139 £172
21 Collegiate AC Nova 434 - £156 £164
22 Megaclose Ltd Victoria House 421 - - £146
23 The Student Housing Company Goldsmith Court 378 - £125 £140
25 iQ Students Newtown & Newland House 350 - £135 £157
27 iQ Students iQ Exchange 277 - £115 £168
28 D&B Property Management Cotton Mills 274 - £87 -
31 HomesforStudents Dagfa House 227 - - -
33 Student Facility Management The Laceworks 222 - - £135
34 CRM Russell View 210 - £124 £133
35 Study Inn Clarendon Street 200 - - -
36 Study Inn Lawrence House 200 - - £154
39 Six Degrees Six Degress 198 - £110 -
43 Nicholas Humphreys Archer House 167 - - -
44 Student Roost Hydrogen 164 - - £175
45 Hello Student The Frontage 152 £147 - £169
46 Fortis Student Letting Minerva House 151 - - £125
49 Homes For Students Bowman House 140 - - £149
50 Homes For Students Nottingham Square 140 £99 - £112
51 Dwell Student Living Castle Gate Haus 133 £119 - £126
52 CRM Medici 131 - £140 £169
53 Operator TBC - Was Homes For Students Rise Nottingham 124 - - £145
54 HomesforStudents The Rise 124 - - -
55 Host Student Living Lace Market Studios 114 - - £80
56 Homes For Students Orbital 103 - £133 £160
57 Fortis Student Letting Avalon Court 100 - - £125
58 Hello Student Talbot Studios 98 - - £147
59 Fortis Student Letting Maid Marian House 94 - - £120
60 Unipol Norwich Union House 88 - £126 -
Ref Operator name Property name Total beds Non en-suite
En-suite Studio
Private sector PBSA Weekly rents from*
61 Mezzino Graystacks 84 £120 £128 -
62 Student Cribs Park View 68 £132 - £179
63 Kexgill Student Accommodation Royal Albert Mill 67 £97 - -
64 Hello Student Talbot Point 67 - £153 £163
65 Purple Frog Property Ltd The Forster Street Buildi 65 £108 - £110
66 UPP Cloister House 63 - - -
67 Primo Property Management Halley House 61 - - £125
68 The Student Lodge Provident Works 58 - - -
69 Fortis Student Letting Bard House 52 - - £135
70 Purple Frog Property Ltd Hockley Point 49 £109 - -
71 DRE Property Services Ltd Castle House 47 £97 - -
72 Urban Student Life KP House 47 - £120 £135
73 CP Walker & Son Mooregate House 45 - £109 -
74 Bee Living Russell Galleries 45 - - -
75 Manor Villages Bertrand Russell House 38 £101 - -
76 CP Walker & Son Flewitt House 38 - £120 -
78 Congregational Federation Cleaves Hall 32 £90 - -
79 Urban Student Life Express Building 26 - - £145
80 Kexgill Student Accommodation Royal Albert Court 12 £93 - -
Private Sector PBSA Sub-total 13,617
Ref Operator name Property name Total beds Non en-suite
En-suite Studio
University sector PBSA Weekly rents from*
81 Nottingham Trent University Southill House 12 - - -
82 Nottingham Trent University Waverly Street 12 - - -
7 The Nottingham Trent University New Hall 727 - £154 £170
9 The Nottingham Trent University Perverell 722 - £135 -
15 The Nottingham Trent University Byron Residence 559 - £160 -
16 The Nottingham Trent University Brackenhurst Campus 491 - £127 -
19 The Nottingham Trent University Gill Street North 446 - £154 £112
24 The Nottingham Trent University Gill Street South 352 - £160 -
26 The Nottingham Trent University Norton Court 312 - £132 -
29 The Nottingham Trent University The Maltings 266 £101 - -
30 The Nottingham Trent University Meridian Court 250 £101 - -
32 The Nottingham Trent University Simpsons 226 - £132 -
38 The Nottingham Trent University Sandy 199 - £133 -
NOTTINGHAM CITY MARKET REPORT
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Ref Operator name Property name Total beds Non en-suite
En-suite Studio
University sector PBSA Weekly rents from*
40 The Nottingham Trent University Blenheim 177 - £132 -
42 The Nottingham Trent University Hampden 168 £113 - -
77 The Nottingham Trent University College Drive 37 £95 - -
1 The University of Nottingham University Park - All Hal 3,205 £116 £196 £203
2 The University of Nottingham Broadgate Park 2,200 £116 £147 £108
17 The University of Nottingham Radford Mill 483 £109 £127 £159
37 The University of Nottingham Study Inn 200 - - £161
41 The University of Nottingham Albion House 168 £110 - -
48 The University of Nottingham Melton Hall 143 - £126 -
13 The University of Nottingham Jubilee Campus 600 - - -
47 The University of Nottingham Jubilee Campus - Melton H 143 - - -
University sector PBSA sub-total 12,098
Grand total PBSA beds 25,715
NOTTINGHAM CITY MARKET REPORT
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A PPE N DIX III – DE VE LOPME N T PIPE LIN E
University sector and private sector purpose built student accommodation currently under construction in Nottingham.
This table includes a reference to the development pipeline map, total bed numbers by scheme and expected year of delivery based on our own insight of the local market.
Source: Glenigan, Knight Frank Student Property
Ref Address Owner Total beds
Planning app. number
Comments Completion date
Private sector PBSA
1 79-85 Talbot Street, NG1 5GN RedOak Property 353 17/01620/PFUL3 On Site 2020
2 Site at Station Street Vita Student Nottingham 1 Ltd 323 18/00926/PFUL3 On Site 2020
3 123 Huntingdon Street, NG1 3NG Aspbury Planning Ltd 301 18/00449/PFUL3 On Site 2020
4 100-104 Derby Road, NG1 5FB Mr K Tang 56 17/01999//PFUL3
On Site 2020
Private sector PBSA (under construction) sub-total 1,033
Ref Address Owner Total beds
Planning app. number
Comments Completion date
University sector PBSA
University sector PBSA (under construction) sub-total -
Total PBSA under construction 1,033
NOTTINGHAM CITY MARKET REPORT
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K N IGHT FRA N K STU DEN T TE A M
Student Property Valuation & Advisory
Neil Armstrong
Partner
Head of Student Property
T +44 20 7861 5332 M +44 78 1212 5564
Student Property Capital Markets
Merelina Sykes
Partner
Head of Student Property
T +44 20 7861 5425 M +44 7785577237
Jonathan Goode
Partner
T +44 20 3897 0034 M +44 7771 921 792
Sarah Jones
Partner
T +44 20 7861 1277 M +44 7918 560941
James Woolley
Partner
T +44 20 7861 5448 M +44 7810 599 709
Catherine Purkiss
Associate
T +44 207 861 5274 M +44 7973 924 660
Megan Scott
Associate
T +44 20 7861 5403 M +44 7973 814 622
Lauren Mills
Surveyor
T +44 2038 667 783 M +44 7976 657 957
George Blakey
Surveyor
T +44 20 7861 1515 M +44 7773 258 752
Richard Spencer
Surveyor
T +44 20 7861 1402 M +44 7976 729 963
Student Property Research
Matthew Bowen
Partner
T +44 117 945 2641 M +44 7776 769 529
Ben Serle
Associate
T +44 20 3909 6813 M +44 7564 646 071
.
Rachel Pengilley
Partner
T +44 20 7861 5418 M +44 782 536 4789
Josh Woolley
Associate
T +44 20 7861 5152 M +44 7770 012 233
Rupert Strutt
Associate
T +44 20 7861 1554 M +44 7887 940041
George Tincknell
Surveyor
T +44 20 7861 1285 M +44 7976 729 946
Luke Shackleton
Surveyor
T +44 20 7861 1112 M +44 7976 729 924
Michael O'Sullivan
Surveyor
T +44 20 7861 1437 M +44 7976 730 665
Student Property Research Publications
Student Accommodation
Survey 2019/20 Global Student Property UK Student Property Development Pipeline
2019/20
NOTTINGHAM CITY MARKET REPORT
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