The Five Star Student Dormitories – Boutique Style Spoil
A student landlord has struck gold by building an unusual, yet profitable real estate project – a five star student accommodation hostel. Werner Toogood’s initiative came after more and more well-off parents sought “the best conditions” for their children attending university studies. A new business idea sprouted and Toogood didn’t waste any time in seizing it.
The first step he took was to buy an old office building in Canterbury, a university center in Kent, England. He paid 300,000 pounds for it and invested the same amount in renovating it and turning it into an 11 bedroom hostel, each room with its distinct interior design. The final result is a student dig built in a boutique style.
The investment proved successful, the businessman, who already managed 200 properties, home to about 500 students, told Daily Mail. „The fact is there will always be a number of students whose parents want them to have the best and are prepared to pay extra for it. We were getting people reserving accommodation even before the project was finished and have let most of the rooms already. Some will be overseas students, but we expect it to be about 50/50” he said.
Toogood says his new real estate business is unique in the area. The average rent for a student room in Canterbury is about £350 a month – but a bed in one of Mr Toogood’s flats will set tenants back upwards of £900. Students can get a loan of up to £9,000 a year to cover their tuition fees, and up to £5,555 as a maintenance loan to help with living costs – which rises to £7,751 for students in London. Some parents even paid in advance up to 10,500 pounds to make sure the room is booked for their child for the whole year.
Each of the 11 flats, which are housed in a converted house turned former office block, comes complete with mood lighting in the en-suite bathrooms, leather sofas and smart TVs, entirely different from a tradition hall of residence. They also feature luxury open-plan kitchens and lounges on each floor and the secure entry is via a mobile phone, while a Dyson vacuum cleaner is provided to help clean up after any student parties.