One of Leeds’ most exclusive student developments has sold out two months ahead of completion – demonstrating the strong demand from investors for student accommodation in the city.
Trinity Halls, which comprises 93 luxury new-build apartments set within a gated development with gym, social room, laundry and barbecue area, has attracted buyers from locations including the UK, Middle East and Africa.
Situated in the popular Woodhouse area just minutes away from Leeds University, it is the first purpose-built student accommodation by Trinity Developments and is due to complete in September.
Matt Lavin of Benoit Properties, the property agent which completed sales on Trinity Halls, said: “Trinity Halls is set to become one the most sought-after addresses for student living.
“Student accommodation has become a popular choice for investors seeking long-term income generation and Trinity Halls has proved particularly attractive, given the location in a key northern city and close to a red brick university with a large international student population.
“The shortage of student housing in Leeds is well documented. Given the high quality of accommodation, we believe that apartments at Trinity Halls will be in high demand.”
He said the fall in the value of Sterling after the EU referendum had proved a bonus for some overseas investors who had paid less in real terms than they had anticipated.
“One North African buyer who secured 10 apartments at Trinity Hall with us in May saved $121,000 due to the exchange rate falling from $1.44 when he agreed the deal to $1.32 when he completed,” added Matt.
The development will be managed by Niche Homes with en-suite rooms starting from only £130pw.
Kishen Parmar, director of Trinity Developments, said the development comprised an innovative mix of traditional masonry on the lower floors and a timber frame on the higher floors.
“We set out to create a student development of unparalleled luxury, size and quality in Leeds, and at an affordable price. The apartments are way larger than the average student accommodation – ranging from 21 sq m all the way up to a huge 43 sq m – and all set within a secure and gated community.
“We hope to give the tenants a memory they will look back on in the years to come.”