Investors drive record month for Chafes Hague Lambert team
THE BOOM in overseas investment into the student property market has led to a record month of completions for Chafes Hague Lambert Solicitors’ investment property team.
We completed nearly 500 transactions in September for mainly overseas investors attracted to the long term opportunities of UK student accommodation.
Investment in the UK’s student housing market hit £3.98bn in the first half of 2015, well ahead of the £2.35bn for the whole of 2014. In Manchester, it is estimated there are just 30,000 student beds for its 100,000 plus student population.
The investment property team’s completions were largely concentrated on student accommodation in Liverpool and Sheffield, developed by Select Property Group under its Vita Student brand – the UK’s only experience-led accommodation provider.
Student accommodation has been a big driver in growing our investment property team from two to eight people in the past three years.
Sarah Waddington, head of investment property at Chafes Hague Lambert Solicitors, said:
“We have acted on behalf of 465 purchasers of student accommodation in two Vita Student developments at Crosshall Street in Liverpool and Telephone House in Sheffield.
“The growth of our team means we were able to complete the sales at these developments to ensure the properties were ready for the new university term.
“Our clients are largely based in the Middle East and Far East, with UK and other globally located investors also snapping up investments.
“Investment clients are attracted to the fact we know the student developments inside out and our dedicated team has a track record over many years of delivering this specialist service to very tight timescales.”
Giles Beswick, Director at Select Property Group, said:
“We have investors from 117 countries who require specialist legal advice when purchasing investments from us and Chafes Hague Lambert’ team of experts has a track record in exceeding our clients’ expectations.”