Vita glasgow brochure

VITA STUDE

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10 W O G S A GL THE M O R F E C SIDEN OVIDER E R H T 0 1 K DMAR MMODATION PR N A L E H T G UNVEILIN ING STUDENT ACCO UK’S LEAD

Vita Student at Beith Street, Glasgow | Select Property Group

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GLASGOW

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CONTENTS 03-04

The latest development from the UK’s leading student accommodation provider – Vita Student’s market-leading status – An award-winning brand – The proven model with 1,600 units sold

INTRODUCING VITA STUDENT’S TENTH STUDENT PROPERTY RESIDENCE After a year in which Vita Student became the UK’s leading luxury student accommodation provider, Select Property Group now presents its tenth student residence Vita Student Glasgow.

Vita Student is the UK’s only experience-led accommodation brand. We place as much emphasis on providing exceptional customer service as we do in delivering stylish, high-quality residences. The result is a unique experience that ensures our residences are always in demand.

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Glasgow’s 80,000 student market and an accommodation undersupply – – – – –

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The selection of the ideal location – – – –

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Glasgow’s highest-performing property market A 74-acre university expansion £1.2 billion worth of redevelopment A student property location at the heart of it all

Designed by student feedback and unrivalled insight – – – –

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UK’s third largest university city 11,000 international students Six universities Free tuition The UK’s highest student rents

New generation of studios inspired by student feedback The unveiling of Vita Student four-bedroom properties Inclusion of student-focused local amenities Vita Student’s largest ever communal Hub space

Vita Student’s market-leading investment – – – – –

Freehold properties The UK’s finest management team 35% NET rental return on investment Proven and credible yield calculation From Select Property Group, UK’s leading investment retailer

Vita Student at Beith Street, Glasgow | Select Property Group

We chose to live with Vita Student as the residence is much better than the other student accommodation developments. It is new and very luxurious with lots of extra facilities. We also decided that it is a lot safer than the shared houses in the city, with no hidden costs either .

Bianca Midboe, student

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10 VITA STUDENT RESIDENCE The UK’s leading student accommodation provider: Six existing residences fully occupied from the first year Investors receiving annual yields of at least 7% Over 1,600 properties sold A proven investment model A student waiting list for 2015/16 availability Award-winning design and service Vita Student Glasgow is the culmination of the expertise that has redefined student property in the UK.

Students across the world familiar with the brand

VITA STUDENT IS A PROVEN SUCCESS. 03

Vita Student Glasgow | Select Property Group

The proven Vita Student model generating returns for 1,600 units sold: • • • • •

Prime location High-quality fully self-contained Fully managed with market–leading levels of service Cutting-edge communal hub facilities Competitive local rents

This landmark tenth residence is the brand’s largest to date, exhibiting all the hallmarks of the UK’s most credible investment opportunity and an evolution in student accommodation.

Vita Student Glasgow | Select Property Group

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Free tuition fees, high disposable income and growing demand

Savills top-tier investment opportunity

Students from all over the world want to be educated in the UK and Scotland offers many undergraduates the chance to do this free from tuition fees. The total number of students in Scotland in 2013/2014 was 230,805.

GLASGOW’S SUPPLY AND DEMAND OPPORTUNITY

Glasgow was one of only five university cities to be elevated to Savills top-tier of student property investment from a list of over 70 locations. This shows that Savills independent research, assessing factors such as supply and demand, international appeal of universities and future prospects, has deemed Glasgow as one of the lowest risk and most profitable investments in the UK.

Scottish and European students receive free tuition and with no fees to pay, students in Scotland have some of the highest disposable income in the world.

Four-year degrees and repeat bookings Unlike the three-year degrees in England, universities in Scotland generally offer four-year undergraduate degree courses.

Vita Student’s community-led approach is designed to promote rebookings. In Scotland this can mean a customer rebooks three times during the course of their degree.

Glasgow has been identified

by Savills as one of the UK’s top tier investment locations.

75% undersupply of dedicated student accommodation

The groundbreaking development me will be delivered to investors in one of the UK’s biggest ig student markets and a top-tier investment city.

Glasgow can only guarantee housing for around 10% of students and Knight Frank’s Student Property 2014 report estimates 75% of Glasgow students are forced to live in houses of multiple occupancy (HMOs).

Highest student rents in the UK Such is the supply and demand imbalance, Glasgow’s West End generates the highest gross rental incomes in the UK for student landlords, significantly higher than Manchester, London, Oxford and Cambridge.

Outdated stock and a 30% PBSA premium The few PBSAs (purpose built student accommodation) that do exist command a further rental premium of 30%.

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Vita Student Glasgow | Select Property Group

Vita Student Glasgow | Select Property Group

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All these universities attract a student market of around 80,000 students. With a total population of just less than 600,000 that means around one person in every seven is a student

UNIVERSITIES

80,000 STUDENTS

University of Glasgow

WORLD-CLASS UNIVERSITIES AND INTERNATIONAL APPEAL

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Glasgow is Scotland’s largest city and houses six universities.

Only London has more universities in the UK.

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Huge global gravitas with almost 27,000 students from 130 countries

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Fourth-oldest university in the English-speaking world

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International students have doubled to 3,332 in the past five years

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A founder member of the Russell Group and a founder member of Universitas 21

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Invested £300 million to construct new facilities with plans to invest £160 million more in the coming years.

University of Strathclyde •

Times Higher Education Entrepreneurial University of the Year in the 2013, University of the Year in 2012, Research Project of the Year in 2011

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Third largest university in Scotland with 22,000 students, with 17% from overseas

University of the West of Scotland •

15,000 students with 1,100 international students

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The Research Assessment Exercise awarded its highest ‘World Leading’ rating to six of the university’s research areas and gave a further seven the ‘International Excellent’ rating

Glasgow Caledonian University •

Associated with Scotland’s best international student experience

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Scotland’s fifth largest university, with a total of 17,000 students from over 100 countries

Glasgow School of Art •

Founded in 1845, it is internationally recognised as one of Europe’s leading art-specific universities

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International students from over 69 countries

Royal Conservatoire

| University of Glasgow

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Charles Dickens delivered the Conservatoire’s inaugural address in 1847

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One of Europe’s most accomplished performing arts institutions

Vita Student Glasgow | Select Property Group

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£1.2 billion redevelopment of Glasgow harbour

Glasgow’s West End

A £1.2 BILLION LOCATION IN THE HEART OF THE WEST END

Located next to the prominent University of Glasgow, and interspersed with stylish bars, cafes and restaurants, this area of picturesque Victorian architecture is also the UK’s bestperforming student accommodation market, with higher yields than anywhere else.

University of Glasgow’s West End expansion plan

A new 130-acre site extends two miles along Glasgow’s waterway, with the bulk of the work centred at the confluence of the rivers Clyde and Kelvin. This £1.2 billion brownfield regeneration will result in a city within a city featuring almost 19,000 sq ft of residential units, 13 restaurants and offices, hotels and leisure facilities.

The University of Glasgow is undergoing a £135 million expansion, updating facilities to meet further international demand and cement its world-leading, research-intensive reputation. It already welcomes 13% of all Scotland’s international students – a population that adds £70 million to the local economy annually.

With an emphasis on driving the area’s long-term economic growth, the major new precinct will be linked to Glasgow’s existing tram, pedestrian and cycle routes.

This expansion will bring the university’s West End presence to 74 acres, the equivalent of 30 city centre blocks.

A new bridge from Partick Station offers a direct route into the heart of Glasgow Harbour, while new roads, walkways and a £25 million road upgrade link the city within a city to the huge residential and student markets of the West End.

It is also the leading performer in Glasgow’s property market, with property averaging £170,000 as opposed to a Glasgow average of £128,000. In the specific G12 postcode area of the West End, average house prices are over 89% higher than the city average.

Predictions suggest West End property will rise in value at least 21% in the next five years.

Vita Student has sourced a location within a £1.2 billion redevelopment next to the new University of Glasgow entrance within one of the UK’s most buoyant micromarkets.

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A cutting-edge prime location Vita Student has enabled its investment customers to own property on the convergence of two of Glasgow’s most high-profile redevelopments in a location that represents the finest student housing opportunity in the city:

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The primary pedestrian access point to Glasgow harbour redevelopment is via Partick Interchange, the fifth busiest station in Scotland, transporting four million passengers.

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Glasgow harbour redevelopment

Glasgow’s West End

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A new global entrance off Dumbarton Road will be a major addition to the West End’s topography and be a prominent landmark. It will also enhance the area’s accessibility, creating a safe and pleasant pedestrian environment, with clear thoroughfares from local transport hubs.

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• 200m bridge walk from the stores, cinemas and restaurants of Glasgow Harbour • 100m from Partick station – two stops from Glasgow city centre

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Southampton

Bravesh Chande, Vita Student investor

Exeter

All of Vita Student’s current investor properties are occupied, providing irrefutable verification of Vita Student’s approach. All investors receive yields of at least 7%, and all of these investors are assured in the knowledge Vita Student will maintain its position as the market leader.

We were specifically looking for a very safe investment, and the Vita Student development fitted the bill perfectly.

Manchester

THE LATEST EXCITING RESIDENCE FROM THE UK’S LEADING STUDENT PROPERTY PROVIDER VITA STUDENT HAS A HISTORY OF:

Bristol

FULLY OCCUPIED PROPERTIES HIGH LEVELS OF REBOOKINGS AND REFERRALS INCREASING YIELDS App ratings: Cleaning service:

Response to maintenance issues:

VITA STUDENT APP Residence team: The Vi Vita Student app allows students to pro provide feedback on the facilities and se services. Over the past academic year, it it’s generated tens of thousands of rating ratings and provided valuable insight:

Booking process:

Studio comfort:

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Vita Student Glasgow | Select Property Group

THE NEXT STAGE IN VITA STUDENT’S EVOLUTION Unlike any other provider of purposebuilt student accommodation, investors appreciate Vita Student is committed to providing a high-quality student experience, designing, developing and delivering homes that students want to return to year after year.

Vita Student Glasgow represents an evolution in the proven Vita Student model, refined by both investor and student feedback and shaped by the very latest architectural capabilities.

Vita Student Glasgow | Select Property Group

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INSIGHTFUL STUDIO DESIGN FOR IMPROVED STUDENT LIVING

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Vita Student Glasgow | Select Property Group

Careful manipulation of space coupled with knowledge of student behaviour has enable architects to imagine a more fluid living space. The switching of the axis of the en-suite, the alignment of the TV and a larger bed, and a repositioning of the table have created noticeable floorspace improvements, while shelving has been consolidated above the desk without any loss of capacity.

Vita Student at Vita BeithStudent Street, Glasgow | Select Property Group

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…imagine a more

fluid living space…

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Vita Student Glasgow | Select Property Group

BEDROOM/ LIVING AREA

STUDY AREA BREAKFAST BAR

BATHROOM

FITTED KITCHEN

Vita Student Glasgow | Select Property Group

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…manipulation of

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PHASE 2

coupled with knowledge of student behaviour…

TYPICAL FLOORPLAN 17

Vita Student Glasgow | Select Property Group

Vita Student Glasgow | Select Property Group

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A MORE EXPANSIVE SPACE TO PROMOTE COMMUNITY EXPERIENCE

Student experience is at the heart of Vita Student and the brand’s iconic Hub spaces typify this.

Vita Student residents have loved the movie rooms, gyms, collective study areas, family dining rooms, games areas and refreshment facilities this year, so Vita Student Glasgow will feature more of the same with a double-floor mezzanine the centrepiece for the brand’s biggest ever communal space.

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Vita Student Glasgow | Select Property Group

Vita Student Glasgow | Select Property Group

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Vita Student Glasgow | Select Property Group

Vita Student Glasgow | Select Property Group

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AN OPTION OF FOUR-BEDROOM COMMUNAL LIVING Vita Student actively instigates and promotes a sense of community. This year some students have met, made lasting friendships and are now expressing a desire to live together in their second year. As they are unwilling to forgo the en-suite foundation of the Vita Student studio, the brand will offer a representative portion of four-bedroom apartments, featuring a larger shared kitchen and living space.

This innovation is also aligned with investor desire for larger properties, capable of generating high cumulative yields.

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Vita Student Glasgow | Select Property Group

Vita Student Glasgow | Select Property Group

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CUSTOMER-FOCUSED RETAIL SPACE In line with the brand’s focus on student experience, retail space in Vita Student Glasgow will be devoted to amenities that align with student lifestyles.

A prominent supermarket chain has committed to the project and will provide an extensive retail space on the ground floor of the residence. Not only does this commercial premises further facilitate self-contained living and ease students’ integration into a new city, it can also add value to the investment properties As one of only two supermarkets in the vicinity, this retail space provides great convenience for student residence.

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Vita Student Glasgow | Select Property Group

Vita Student Glasgow | Select Property Group

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INVESTMENT

THE RETURN ON INVESTMENT

An effortless asset and a market-leading management team

Vita Student investments are fully managed and offer assured minimum annual rental returns of 7% for five years.

Vita Student Glasgow will be fully managed for all investors by dedicated in-house industry experts. The team encompasses decades of student management experience and safeguards long-term levels of customer service.

Conservative ROI of 52%

THE VITA STUDENT EXPERIENCE: A prime location, minutes’ walk from the city centre and both universities Full furnishings pack Free high-speed 100Mb broadband and wall-hung flatscreen TV Secure entrance door with key fob access Professional in-house residence managers Weekly cleaning service Full social calendar Full move-in experience and welcome pack

The residence team have been brilliant from day one – I really can’t fault them. They have dealt with any issues as quickly as possible and are always friendly and happy to help me with anything I need.

Dan Banbury, Vita Student student

Dedicated social and feedback app Innovative communal facilities, including movie rooms, group study rooms, games areas and gyms Brand loyalty is resulting in industry-leading occupancy levels: All six current residences, fully occupied from the first year of operation A waiting list of over 2,000 students for the next academic year From an investment perspective, this in-house team maximises student experience to drive occupancy rates and yield returns. Vita Student Management is commercially incentivised to control operating costs and push total yields beyond 7%.

Any returns beyond this milestone are divided 75% to the investor and 25% to the management team.

Freehold property

I plan to live with Vita Student for the remainder of my studies in Liverpool as I know I won’t be happy anywhere else now I’ve experienced life here.

The three ROI tables below illustrate projected returns over the five years following completion. Each table is based on an example property price of £117,113 and forecasts the returns investors can expect across varying market conditions.

Capital appreciation

Conservative

Price (£)

Capital appreciation (%)

Pre-completion

117,113

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Rental yield (%)

Rental income (£)

Year 1

126,482

Year 2

129,012

2

7

8,198

2

7

Year 3

8,198

131,592

2

7

8,198

Year 4

134,224

2

7

8,198

Year 5

136,908

2

7

8,198

Total appreciation

19,795

Rental yield (%)

Rental income (£)

Total rental

40,990

Total return

60,785

ROI

Select Property Group is in constant contact with a global network of investors keen to secure proven income-generating assets and the pre-completion capital appreciation predictions are based on the 8% to 12% resale return earned by existing Vita Student investors selling at completion.

52%

Predicted

Price (£)

Capital appreciation (%)

Pre-completion

117,113

10

Year 1

128,824

4

7

8,198

Year 2

133,977

4

7

8,198

Year 3

139,336

4

7

8,198

Year 4

144,909

4

7

8,198

Year 5

150,705

4

7

8,198

Total appreciation

33,592

Rental yield (%)

Rental income (£)

Total rental

40,985

Total return

74,577

ROI

63.7%

Positive

Price (£)

Capital appreciation (%)

Pre-completion

117,113

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Year 1

131,167

6

7

8,198

Year 2

139,037

6

7

8,198

Year 3

147,379

6

7

8,198

Year 4

156,222

6

7

8,198

Year 5

165,595

6

7

8,198

Total appreciation

48,482

Total rental

40,985

Total return

89,467

ROI

76.4%

Syeda Afsana Islam, Vita Student student

Vita Student Glasgow offers investors freehold properties. The asset is available to sell at any time and unlike leasehold alternatives, ground rent is not applicable.

Vita Student Glasgow | Select Property Group

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HOW YOUR YIELD IS CALCULATED Estimate based on an example property price of £117,113

Management costs* (shared) including service charge:** £1,631

Weekly rent (example): Number of weeks: Gross annual income:

£193 51 £9,843

Net annual income: Net yield:

£8,212 7.0%***

INVESTMENT TIMELINE Now: • • • • •

Payment plan Full balance is not required until 2016

Reservation completed and £5,000 deposit paid Solicitors instructed and contracts issued First instalment of 30% due Exchange of contracts Construction of Vita Student Glasgow commences

£5,000 reservation deposit

January 2016

30% paid at exchange of contracts

• Vita Student Management actively start marketing Vita Student Glasgow for the following academic year

70% paid on completion in September 2016

*General costs include all staff, maintenance and operational running costs, as well as the management company’s fee. **Service charge is the individual contribution towards managing the estate and keeping the building structure and common amenities in a good state of repair, paid annually by all owners under their lease. ***Any net rental income above the 7% assured yield in the first five years will be allocated and paid at the end of the five-year assured rental period.

The fact that Vita Student is fully managed is also incredibly important to us as an overseas investor, as we wouldn’t be able to deal with any tenant queries.

September 2016 • • • • •

Completion of Vita Student Glasgow Balance paid in full Lease granted and leaseback commences Academic year begins and tenants move in Start of five-year annualised minimum 7% net rental returns period begins

December 2016: Paul Bell, Vita Student investor

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Vita Student Glasgow | Select Property Group

• First termly instalment of assured rental return is paid

Vita Student Glasgow | Select Property Group

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SELECT PROPERTY GROUP Select Property Group

A revolutionary approach

Market-leading brands – Vita Student

Select Property Group is the UK’s leading retailer of investment property.

With more than 9,000 properties sold in over 100 countries, the Group has a well-earned reputation of delivering successful investments in both emerging markets and also through the identification of niche opportunities in more established markets.

Unlike a typical property investment company which sources products to sell but remains detached from the development or management of the product, Select Property Group controls every aspect of the investment.

Putting students firmly at the heart of everything it does, Vita Student delivers an unrivalled living experience which includes a level of customer service that has never before been offered to the student market.

From the initial identification of the opportunity, all facets of the Group work to provide the customer with the property they desire. The perfect location is sourced, a building is designed and furnished to accommodate every aspect of the customer’s lifestyle, and a specialist management team is recruited in-house to deliver consistently high levels of service as well as operating efficiencies.

Unique to the £200 billion student accommodation sector, aligning the student experience to investor returns has been instrumental in securing the sale of 1,600 Vita Student residences and delivering a 100% occupancy rate to date.

With over ten years’ experience, the Group’s success is built up on a clear vision to develop market leading brands that are instantly recognisable and cannot be replicated.

Underpinning each brand is an unswerving commitment to the end customer, delivering products which are relevant, authentic, and different.

By adopting this approach the Group guarantees occupancy levels in its properties, thereby driving the yield and value of its investments.

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By controlling all aspects of the process Select Property Group is not only able to go to market with industry-leading brands but, crucially, it has the ability to evolve these brands with relative ease to encompass changing requirements and market dynamics. All of which enables the Group to maintain a competitive advantage in each of its vertical markets.

Vita Student Glasgow | Select Property Group

A global reputation With investors in over 100 countries Select Property Group has already established a strong reputation across multiple continents. The Group is supported by offices in Manchester, London and Dubai and has more recently opened offices in Singapore, Toronto and Karachi to handle the growing number of enquiries being fielded from Asia and North America.

Vita Student Glasgow | Select Property Group

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MICHAEL SLATER Chief Finance Officer

THE BOARD Select Property Group benefits from a confident, committed and powerful management team that has immense experience across commerce, retail, hospitality and development.

As a chartered accountant his recent positions included a role as Group Finance Director at AIM listed Tepnel Life Sciences, which culminated in a successful trade sale exit following a period of high organic and acquisitive growth. Prior to this Michael was a Senior Manager with KPMG, responsible for assurance, advisory and transaction services projects for a wide range of listed and private companies.

MARK STOTT Chief Executive Officer

MARK DAWSON Director and Company Secretary

Mark started Select Property Group in 2004. As CEO and founder of the Group his clear vision to create the world’s first customer-aligned property investment platform has successfully positioned the Group as a leader in the market. Mark’s pioneering approach has seen the business continually pursue new opportunities and revolutionise existing investment markets.

Mark is responsible for negotiating and structuring the Group’s financial transactions, joint ventures and leading institutional relationships. A qualified lawyer, Mark also oversees the Group’s legal and regulatory activity.

His commitment to the customer is mirrored by that of his passion and loyalty to his team, and under his strong leadership Select Property Group is considered a pre-eminent property investment company and recognised by the Sunday Times as one of the best companies to work for.

Before taking up his role with Select Property Group Mark was a partner at two national law firms where he specialised in complex and high-value mergers and acquisitions, private equity matters and property joint ventures, for a range of entrepreneurial and institutional clients, and banks both in the UK and overseas.

Given his legal training Mark also fulfils the role of Group Company Secretary.

TREVOR MOORE Chief Operating Officer

KEN KNOTT Director of Strategic Partnerships and Land Acquisitions

As COO, Trevor ensures each Group brand delivers market-leading quality and service.

Trevor has guided many consumer-facing brands through periods of significant expansion, including Whitbread, Coffee Republic and Phones4U. He was appointed as CEO of Jessops PLC and restructured the finances and operations to restore the business to profit over a three-year period. In 2013 he became CEO of HMV, working with a syndicate of eight banks and performing a strategic review that determined the future of the business.

Ken is responsible for securing all land holdings for the Group in Europe and North America. His expertise of the planning landscape has enabled sites to be secured in the most desirable city centre locations, often overcoming challenging planning issues.

Trevor is an experienced board director having spent 20 years in a combination of privately-owned, private equity-owned and PLC businesses.

Ken joined Select Property Group from Ask Property Developments, where he was CEO and founder shareholder. In the 13 years under his leadership Ask delivered in excess of 2 million sqft of predominantly commercial floor space, including the £90 million First Street North project and the Central Park business complex. Prior to Ask Ken was a Director of AMEC Developments where, over a ten-year period, he led a team responsible for securing major strategic projects throughout the North, Midlands and Scotland.

MARK OAKES Chief Commercial Officer

ANGUS MONRO Chairman

Mark’s role as CCO sees him drive operational efficiencies across the Group.

He is responsible for all budgetary sign-offs as well as managing the development teams across every project, ensuring the Group delivers developments on schedule and to cost.

With a career spanning over 40 years in corporate, commercial and retail positions, Angus Monro, the former Chief Executive of Instore and Matalan, has a wealth of strategic experience to support Select Property Group’s plans for significant growth.

Prior to joining Select Property Group Mark spent three years in a board position as Head of IT for William Hill Group PLC, the UK’s leading gambling and gaming company. He has also been instrumental in both operational and IT leadership positions at companies including BSkyB, Barclays and Phones4U.

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Michael has overall responsibility for the finance and accounting matters of Select Property Group, providing the company with the dynamic framework it needs to swiftly complete strategic acquisitions and expand into new markets.

Vita Student Glasgow | Select Property Group

Angus is a well-known figure in the retail sector, having worked with some of the UK’s major retail corporation including Marks & Spencer, Dorothy Perkins, B&Q and Woolworths. He is widely regarded as one of the UK’s most experienced retailers and has been involved with Select Property Group since 2010. As well as his role as Chairman of Select Property Group, he is a Non-Executive Director of online retailer The Hut Group.

Vita Student Glasgow | Select Property Group

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Manchester The Box Horseshoe Lane Alderley Edge Cheshire SK9 7QP T +44 (0) 207 123 4000 F +44 (0) 161 332 7718 E info@selectproperty.com

London 8th floor Berger House 36-38 Berkeley Square Mayfair London W1J 5AE T +44 (0) 207 123 4000 F +44 (0) 161 332 7718 E info@selectproperty.com Dubai

Offices in Manchester, London, Dubai, Singapore, Toronto and Karachi.

Please note that the information that we distribute is produced with great care and believed to be correct at the time of printing to the best of our knowledge. Pictures, layouts and other details in this brochure are given as a general guide and may change from time to time in accordance with the final designs of the development and appropriate planning permissions. We endeavour to ensure that any market forecasts we provide are accurate and well researched at all times, however we cannot ultimately warrant the accuracy of that information and cannot be held liable for any reliance you may make of or put on it except as specifically agreed with us in any further agreement we may make with you in writing.

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Vita Student at Beith Street, Glasgow | Select Property Group

Office 2701 Marina Plaza Building Dubai Marina Dubai United Arab Emirates

T +971 4 279 4800 F +971 4 440 4849 E sales@selectproperty.com selectproperty.com