Student accommodation solution

Posted On Thursday, 31 March 2011 02:00 Published by eProp Commercial Property News
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International private equity housing fund, International Housing Solutions (IHS) has extended its influence in the affordable housing arena by acquiring a stake in a R200-million project to provide new student accommodation at the University of Free State.

Rob WesseloIn a first of its kind for the University, the new development comprises the construction, sale and rental of 370 fully furnished sectional title student housing opportunities across the road from the University’s main campus entrance.

The units will comprise spacious fully furnished loft style apartments with full access control and a high emphasis on security.

Designed to be flexible, the units allow for 1-bedroom/ private bathroom units to be converted into 2-bedroomed units with shared facilities, by moving bookshelf dividers between the rooms for increased affordability.

The units are priced from R680 000 for a 43m2 unit, and rentals have been set at around R5600 for a 2- bedroom unit

In addition to its proximity to the main campus of the University of Free State, the development is conveniently located about 3 km west of the CBD of Bloemfontein and very close to the University’s academic hospital.

This development is spearheaded by Stockbell Holdings which has a strong track record and has achieved huge success with its similar ‘Unilofts Pretoria’ project located on the doorstep of the University of Pretoria.

Rob Wesselo, Country Director of IHS, which is a private equity funder of affordable housing, described the project as one of the most exciting of its kind.

”IHS got involved in this project after identifying the massive demand and shortage of student housing in the area. We believe the development will be a success because of its superb location in the University precinct of the town. In addition, our developer partner has good experience in this product mix and is ideally positioned to make an overwhelming success of a development like this,” he said.

 

Last modified on Tuesday, 11 March 2014 18:08

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