Student apartments in the heart of Plymouth
North Hill Court
Plymouth has around 25,000 students split between Plymouth University, University of St. Mark and St. John and Plymouth College of Art. The city has about 258,000 inhabitants and is considered the second largest in the South West. House prices in Plymouth generally follow the national average in the U.K. with fairly stable levels since 2018. In the UK as a whole, about 20% of students enrolled at universities are foreign students, most of which are from outside the EU.
Of the city's three universities, two lie within the city centre and the third one only has around 2,000 registered students. The building is constructed about a 6 minute walk from Plymouth University, 6 minutes to Plymouth's central station, an 8 minute walk to Plymouth College of Art and about 11 minutes from the closest shopping centre. The property is constructed in four floors with 39 studio- and one bed apartments. The apartments are expected to be ready Q1 2020. The company behind the development is Hermes Great Estate Ltd. A 348 unit student property development in Liverpool and a 94 unit project in Leeds are examples of previous developments by the company. The company is operational since 2016.
The purchase structure is the following: £5,000 is paid to reserve an apartment. 50% of the purchase price is paid within 28 days, with £5,000 deducted. 25% is paid within 6 months, which will coincide with the final payment of the remaining 25%, which is paid when the property is completed. The developer pays a rental inomce of 8% of the purchase price per annum, which the developer guarantees for 5 years. After 5 years, the owner of the apartment has the option to sell back the apartment to the developer for 110% of the purchase price. The apartment may then be kept and continue to be tenanted or be sold back to the developer. The owner of the apartment may sell the apartment at which ever time appropriate. The same condititons will then apply for the buyer. Rental income is paid quarterly.
Urban Student Life is a nationwide administrator of student properties and handles administration of rents, all tenant contact and maintenance of the apartments.