Amid concerns of a student body going hungry and working several jobs to afford university, a new luxury student accommodation is now being built at the former Tyne Tees site on City Road, Newcastle.
The 207 studio apartment building is set to be finished at the end of 2019, complete with a gym, games room, cinema and a two-storey outhouse for events on site, Chronicle Live reported.
Jerald Solis, business development and acquisitions director at Experience Invest, said: “There is a high demand for purpose-built student rooms in Newcastle, with 64.6 percent of students unable to access university or private sector student accommodation. This large undersupply of rooms led to an impressive four percent annual climb in student rents last year.
“The city’s growing international student population is a prime market for high quality, purpose-built rooms.”
Newcastle’s two universities have seen their international student bodies grow over the years. Student rental prices are on the rise as well, increasing by four percent in Newcastle and at more than twice the average rate of inflation.
Student property management company Opto Living and property developer Opto Property Group, KDP Architects are working together for the project.
Its location puts it within 15 minutes’ walk from Newcastle and Northumbria universities as well as under 24/7 CCTV and the supervision of an on-site management team.
The development of luxury accommodation as such stands in stark contrast to reports of students finding higher education to be increasingly unaffordable. Many are struggling to afford living expenses and graduating with soaring debt, facing “a lifetime of debt and precarious employment,” according to a 2016 NUS report, Double Jeopardy.