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Flats to inject boost to student living standards in Cardiff

wantspacegotspace.co.uk - Flats to inject boost to student living standards in CardiffQuin & Co, the investment arm of CPS Homes, has purchased Crwys House in Cardiff, a 20,000 sq ft four-storey office building, for a figure in excess of £1m. The empty building, which had originally been occupied by Welsh Water and until last year, by Dunn and Bradstreet, was sold by Cooke & Arkwright on behalf of clients, Altena Estates Ltd. Quin & Co has submitted a planning application to convert the offices to student accommodation comprising 116 rooms in 28 self-contained flats.

John Pinn, Deputy Director of CPS Homes said, “Crwys House is in the heart of Cathays, Cardiff’s ‘student village’ and almost on our doorstep, so we had actually had our eye on it for some time.”

Jeremy Symons, Director with Cooke & Arkwright’s Business Space department said, “Crwys House was purchased by competitive bids with eight interested parties. I had every confidence that even in today’s climate, if it was priced and marketed correctly there would be strong interest from this sector. We now have a database of parties seeking similar opportunities and will be actively looking for other buildings to sell or let.”

A number of large buildings are currently being developed in Cardiff for student accommodation, including J R Smart’s development in Tyndall Street and London Cornwall’s refurbishment at Summit House in Windsor Place. However, Mr Pinn is keen to differentiate Quin’s application and the accommodation it will offer to students, based on their experience through the student letting arm at CPS Homes.

“The student market in Cardiff has enjoyed consistent growth and continues to do so even through an economic downturn. Increasingly throughout the last few years students are demanding a higher quality of accommodation in prime areas of Cardiff and are prepared to pay premium rents to do so. However, there has been a recent influx of hall style accommodation with larger communal areas and shared amenities. CPS Homes strongly believe that the student market, whilst growing, is not trending towards ‘hall style’ living and that having completed their first year of study, students want independence as well as quality accommodation. We have some concerns about the number of halls being developed where there doesn’t appear to be an immediate demand for this accommodation, further backed up by direct comments from the universities to us. Crwys House will offer students independent living and will be in self-contained apartments for groups who have opted to live together, in the same way they would when looking for a house.”

Mr Pinn said that the flats would be between two- and seven-bedrooms, each with their own kitchen. Quin & Co has a number of smaller residential developments in Cardiff Bay, Roath and Canton, aimed at both the professional and student markets, while CPS Homes currently manages over 900 properties for landlords in and around Cardiff and over 1,000 properties on a let-only basis.

Posted by The Editor (wantspacegotspace) on 2nd June 2013 (updated 09/06/2013)

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