BRISTOL CITY MARKET REPORT
STUDENT PROPERTY RESEARCH | 2019 / 20 Q2 2020
Connecting people & property, perfectly. BRISTOL CITY MARKET REPORT
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INTRODUCTION
This City Market Report outlines the key metrics associated with purpose built student accommodation in Bristol. The report positions the city in the context of the wider UK market and illustrates key comparators. The report illustrates the key locations for purpose built student accommodation and analyses the demand and supply dynamics in Bristol, with a focus on Pricing, Accommodation types and future supply of student beds.
CONTENTS
UK Student Populations 3
Higher Education Institutions 4
Purpose Built Student Accommodation 5
Pricing 6
Development Pipeline 7
Appendix I – University Locations and PBSA Locations 8
Appendix II – Bed Numbers and Pricing 9
Appendix III – Development Pipeline 11
Knight Frank Student Team 12
BRISTOL SUMMARY
Close to Bath, Cardiff 2 hours by train to London 2 Higher Education Institutions 10% of the city population are students
46,398 full time students 13% Growth since 2013/14 21% of student population are international 64% Students unable to access PBSA
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UK STUDENT POPULATIO NS
A map of key purpose built student accommodation markets in the UK. University campuses and purpose built student accommodation locations.
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HIGHER EDUCATION INS TITUTIONS
University performance Bristol student growth Bristol student growth international UK Rankings and Student Satisfaction are based on The Times Good University Guide 2020, and the World Rankings based on Times Higher Education World University Rankings. Full time UK students Full time international students In thousands In thousands Income % UK rankings World Student Institution Mission group tuition UK Undergraduates UK Postgraduates Non-UK Undergraduates Non-UK Postgraduates (vs 2019) ranking satisfaction fees 40 12 The University of Bristol 15 -4 78 77.2 Russell Group 41% 35 10 30 University of the West of England 58 +0 601–800 83.1 University Alliance 71% 25 8 20 6 15 4 10 5 2 - - 2014/15 2015/16 2016/17 2017/18 2018/19 2014/15 2015/16 2016/17 2017/18 2018/19
Source: Knight Frank, HESA Source: Knight Frank, HESA
Total student growth since 2014/15: International growth since 2014/15: Bristol international students UK international students
Top 5 international domiciles Top 5 international domiciles % of total international students % of total international students
China: (27%) China: (26%) Malaysia: (8%) India: (5%) Hong Kong: (5%) United States: (4%) Bristol UK Bristol UK Vietnam: (3%) Hong Kong: (3%) India: (3%) Malaysia: (3%) 15% 11% 29% 13% Other: (54%) Other: (59%)
Source: Knight Frank, HESA Source: Knight Frank, HESA
University student numbers Bristol Bristol Student number statistics based on the latest HESA 2018/19 data. Undergraduate applications Undergraduate acceptances In thousands In thousands Institution Full-time Full-time Total full- % Growth % Non UK 3 Year under- post- time HE since students CAGR graduates graduates students 2014/15 UK EU Non-EU UK EU Non-EU 90 16 The University of Bristol 18,614 5,726 26% 24,340 22% 7% 80 14 70 12 University of the West of England 19,786 2,272 16% 22,058 8% 3% 60 10 50 8 Bristol Total 38,400 7,998 21% 46,398 15% 5% 40 30 6 20 4 10 2 - - 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Source: Knight Frank, UCAS Source: Knight Frank, UCAS
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PURPOSE BUILT STUDEN T ACCOMMODATION
Types of accommodation and the level of provision in Bristol.
University sector PBSA: Private sector PBSA:
Schemes Beds Schemes Beds 42 7,924 49 8,839
Comprises university halls of residence and private sector stock on leases or agreements to the higher education Comprises purpose built student accommodation, which is not affiliated with a university. institutions.
City market comparison Accommodation types
Ranked by % unable to access PBSA Beds by room type PBSA year of opening Source: HESA 2018/19 % In thousands Bristol Region Full-time students % Living at home % unable to access % unable to 2019 PBSA (gross) access PBSA (net) UK
UK 1,858,813 20% 64% 56% 2018 Edinburgh 56,230 13% 67% 62% 25% 2017 Swansea 18,241 10% 66% 63% 28% Birmingham 69,810 29% 64% 50% 26% 27% 2016 Aberdeen 21,838 16% 63% 56%
2015
Bristol 46,398 21% 64% 54% 2014
2013 Bournemouth 18,761 14% 62% 56% 47% Newcastle 59,387 20% 62% 53% 2012 Manchester 65,434 18% 58% 49% 47% Exeter 22,947 3% 60% 59% Pre-2012
There are 46,398 full-time students in Bristol, therefore, 64% of students in Bristol are unable to access purpose built Non En-suite En-suite Studio - 5 10 15 20 student accommodation or a student to bed ratio of 2.7:1 Source: Knight Frank Source: Knight Frank
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PRICING
Rental profile across accommodation types in Bristol.
Average rental growth across all PBSA
Knight Frank's Student Property Index indicates headline rental growth for purpose built student accommodation (PBSA) across Bristol of 2.6% for the 2019/20 academic year. This is higher than performance across the UK as a whole of 2.4%. Bristol UK 2.6% 2.4%
Average rents in Bristol Rent per week across the range of room types adjusted to 51 weeks tenancies. Non PBSA room type based on 2 or more bedroom property and incl. bills of £20pw. Source: Rightmove, Knight Frank Student Property.
Non en-suite En-suite Studio Non PBSA1 £149 £163 £215 £141
PBSA rental distribution
Rental distribution across the four accommodation types £ per week
Non En-suite En-suite Studio Non PBSA
60
50
40
30
% % ofspaces bed 20
10
0 £40 £60 £80 £100 £120 £140 £160 £180 £200 £220 £240 £260 £280 £300 £320
Source: Knight Frank, Rightmove
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DEVELOPMENT PIPELINE
A snapshot of the planning pipeline in Bristol as at September 2019. We use third party data and our own insight of the market to provide an estimated pipeline of student beds. Source: Glenigan, Knight Frank Student Property.
Development pipeline (under construction): Planning applications (with consent):
1 92 11 1,536
Development pipeline map Bristol development pipeline
University and Private sector beds with planning permission Stage of planning Total no. of beds
Source: Knight Frank Research Planning applications submitted (no consent) 2,692
Ref Address Total Planning applications with consent 1,536 beds Development pipeline (under construction) 92 1 13 - 21 Baldwin Street, BS1 92 1NA Total beds (in all stages of pipeline) 4,320
Expected delivery of development pipeline
Year Total no. of beds
Academic year 2019-2020 - Academic year 2020-2021 92 2021 and beyond - Total pipeline under construction 92
When the development pipeline under construction is completed, the proportion of existing students unable to access PBSA would change from 64% to 64%. This projection is dependent on a number of implicit assumptions; in particular, that the student population remains unchanged.
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APPENDIX I – UNIVERS ITY LOCATIONS AND PB SA LOCATIONS
Ref Property Total beds
1 Wallscourt Park 965 2 Hiatt Baker Hall of Resid 748 3 Riverside 566 4 Brecon Court (Student Vil 564 5 Cotswold Court (Student V 500 6 New Bridewell 499 7 Marketgate 490 8 Fusion Tower 483 9 Quantock Court (Student V 468 10 Orchard Heights 464 11 Badock Hall of Residence 422 12 Mendip Court (Student Vil 400 13 UNITE House 385 14 iQ Bristol 361 15 Churchill Hall of Residen 355 16 Deans Court 352 17 Wills Hall of Residence 336 18 The Courtrooms 321 19 Nelson House and Drake Ho 302 20 King Square Studios 301 21 Marlborough House 299 22 University Hall of Reside 294 23 Glenside Campus Accommoda 288 24 Phoenix Court 277 25 Print Hall 267 26 Goldney Hall of Residence 264 27 Liberty Park 263 28 Carroll Court 252 29 Brunel House 246 30 Favell House 234 30+ See Appendix II
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APPENDIX II – BED NU MBERS AND PRICING
University and private owned purpose built student accommodation schemes operating in Bristol in 2019/20. This table includes a reference to the map in Appendix I, total bed numbers by scheme and average weekly rents. Term length based on typical tenancy offered at property. Source: Knight Frank Student Property
Ref Operator name Property name Total beds Non En-suite Studio Ref Operator name Property name Total beds Non En-suite Studio en-suite en-suite
Private sector PBSA Weekly rents from* Private sector PBSA Weekly rents from*
6 Fresh Student Living New Bridewell 499 - £171 £201 63 Digs Bristol Saint Stephens House 52 - - £164 7 UNITE Students Marketgate 490 - £148 £185 64 Purple Frog Property Ltd Fitzhardinge House 46 £137 - - 8 Collegiate AC Fusion Tower 483 - £167 £140 65 CRM Holly Court 45 - £199 £215 10 UNITE Students Orchard Heights 464 - - - 66 Bristol SU Lettings Berkeley House 43 - - - 13 UNITE Students UNITE House 385 £136 £162 £201 68 Digs Bristol Crown House 36 - £143 - 14 iQ Students iQ Bristol 361 - £184 £200 69 Purple Frog Property Pipe Lane Apartments 36 - - - 16 A2Dominion Group Deans Court 352 - £164 - 72 Digs Harford House 25 - - - 18 The Student Housing Company The Courtrooms 321 - £171 - 73 Digs Bristol Carlton Chambers 20 - - £164 19 UNITE Students Nelson House and Drake Ho 302 - - - 74 Purple Frog Property Yelland House 19 - - - 20 Host Student Living King Square Studios 301 - - £163 75 Urban Creation Prince Rupert House 18 - - - 21 Study Inn Marlborough House 299 - £171 £201 Private Sector PBSA Sub-total 8,839 24 UNITE Students Phoenix Court 277 - £156 £205 25 The Student Housing Company Print Hall 267 - £160 £189 27 Liberty Living Liberty Park 263 - £159 £171
29 UNITE Students Brunel House 246 - £171 £220 Ref Operator name Property name Total beds Non En-suite Studio 30 UNITE Students Favell House 234 - - - en-suite
31 UNITE Students Blenheim Court 231 - £153 £167 University sector PBSA Weekly rents from* 33 UNITE Students Chantry Court 226 £144 £165 £206 2 The University of Bristol Hiatt Baker Hall of Resid 748 £147 £171 £201 35 UNITE Students Waverley House 217 - - - 3 The University of Bristol Riverside 566 £129 - £201 36 A2Dominion Group Woodland Court 196 - £166 - 11 The University of Bristol Badock Hall of Residence 422 £147 £201 - 39 UNITE Students Cherry Court 176 - £149 - 15 The University of Bristol Churchill Hall of Residen 355 £185 £207 £254 40 Prime Student Living St Lawrence House 166 - - £185 17 The University of Bristol Wills Hall of Residence 336 £198 £201 £254 41 Dwell Student Living Hotwells House 157 £134 £144 £180 22 The University of Bristol University Hall of Reside 294 £106 £162 - 42 Collegiate AC Water Lane Apartments 153 - - £180 26 The University of Bristol Goldney Hall of Residence 264 £151 £166 - 43 Host Student Living Transom House 134 £131 £144 - 32 The University of Bristol Durdham Hall of Residence 230 - £167 £201 44 Prime Student Living Harbour Court 133 - - £184 34 The University of Bristol Clifton Hill House Hall o 226 £153 - - 45 Vita Student Vita Student Bristol 132 - - £237 37 The University of Bristol Manor Hall of Residence 190 £93 - £201 48 Digs Bristol The Colston 121 - - £161 46 The University of Bristol Winkworth House 128 - £166 £201 51 UNITE Students The Rackhay 115 - - - 47 The University of Bristol Colston Street 121 £162 - - 52 UNITE Students Studio 58 104 - - £171 49 The University of Bristol Northwell House 118 £111 - - 53 Host Student Living Culver House 97 £140 - - 50 The University of Bristol The Hawthorns 116 £147 £162 - 55 Digs The Platform 88 - - - 54 The University of Bristol Richmond Terrace 92 - £166 - 56 Digs Bristol Centre Gate 85 - - £172 67 The University of Bristol Queens Road 42 £106 - - 57 Hello Student College Green 84 £157 - £197 70 The University of Bristol St Michaels Park 31 - - - 58 Rengen (Cumberland) Ltd Cumberland Street 81 - - - 71 The University of Bristol Langford House 29 £106 - - 59 Hello Student William and Matthew House 75 - £163 £195 1 University of the West of England Wallscourt Park 965 £126 £148 £183 60 Hodgkin House Ltd Hodgkin House 64 - - - 4 University of the West of England Brecon Court (Student Vil 564 - £149 - 61 Almero Tamarillo House 62 - - - 5 University of the West of England Cotswold Court (Student V 500 - £149 - 62 Digs Bristol Stonebridge House 58 - - £162 9 University of the West of England Quantock Court (Student V 468 - £149 -
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Ref Operator name Property name Total beds Non En-suite Studio en-suite
University sector PBSA Weekly rents from*
12 University of the West of England Mendip Court (Student Vil 400 - £149 - 23 University of the West of England Glenside Campus Accommoda 288 £99 - - 28 University of the West of England Carroll Court 252 £112 - - 38 University of the West of England The Hollies 179 £106 £120 £162
University sector PBSA sub-total 7,924
Grand total PBSA beds 16,763
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APPENDIX III – DEVELOPMENT PIPELINE
University sector and private sector purpose built student accommodation currently under construction in Bristol. This table includes a reference to the development pipeline map, total bed numbers by scheme and expected year of delivery based on our own insight of the local market. Source: Glenigan, Knight Frank Student Property
Ref Address Owner Total Planning app. Comments Completion beds number date
Private sector PBSA
1 13 - 21 Baldwin Street, BS1 1NA Mclaren Property 92 16/06999/F On Site 2020
Private sector PBSA (under construction) sub-total 92
Ref Address Owner Total Planning app. Comments Completion beds number date
University sector PBSA
University sector PBSA (under construction) sub-total -
Total PBSA under construction 92
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KNIGHT FRANK STUDENT TEAM
Student Property Valuation & Advisory Student Property Capital Markets
Neil Armstrong Merelina Sykes Partner Partner Joint Head of Student Property Joint Head of Student Property T +44 20 7861 5332 T +44 20 7861 5425 M +44 78 1212 5564 M +44 7785577237 [email protected] [email protected]
Jonathan Goode Sarah Jones James Woolley Rachel Pengilley Josh Woolley Rupert Strutt Partner Partner Partner Partner Associate Associate T +44 20 3897 0034 T +44 20 7861 1277 T +44 20 7861 5448 T +44 20 7861 5418 T +44 20 7861 5152 T +44 20 7861 1554 M +44 7771 921 792 M +44 7918 560941 M +44 7810 599 709 M +44 782 536 4789 M +44 7770 012 233 M +44 7887 940041 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Catherine Purkiss Megan Scott Lauren Mills George Blakey Richard Spencer George Tincknell Luke Shackleton Michael O'Sullivan Associate Associate Surveyor Surveyor Surveyor Surveyor Surveyor Surveyor T +44 207 861 5274 T +44 20 7861 5403 T +44 2038 667 783 T +44 20 7861 1515 T +44 20 7861 1402 T +44 20 7861 1285 T +44 20 7861 1112 T +44 20 7861 1437 M +44 7973 924 660 M +44 7973 814 622 M +44 7976 657 957 M +44 7773 258 752 M +44 7976 729 963 M +44 7976 729 946 M +44 7976 729 924 M +44 7976 730 665 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Student Property Research Student Property Research Publications
Matthew Bowen Ben Serle Partner Associate T +44 117 945 2641 T +44 20 3909 6813 M +44 7776 769 529 M +44 7564 646 071 [email protected] [email protected]
. Student Accommodation Global Student Property UK Student Property Development Pipeline Survey 2019/20 2019/20
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Important Notice This general document is provided strictly on the basis that you cannot rely on its contents and Knight Frank LLP (and our affiliates, members and employees) will have no responsibility or liability whatsoever in relation to the accuracy, reliability, currency, completeness or otherwise of its contents or as to any assumption made or as to any errors or for any loss or damage resulting from any use of or reference to the contents. You must take specific independent advice in each case. It is for general outline interest only and will contain selective information. It does not purport to be definitive or complete. Its contents will not necessarily be within the knowledge or represent the opinion of Knight Frank LLP. Knight Frank LLP is a property consultant regulated by the Royal Institution of Chartered Surveyors and only provides services relating to real estate, not financial services. It was prepared during the period of April 2019. It uses certain data available then, and reflects views of market sentiment at that time. Details or anticipated details may be provisional or have been estimated or otherwise provided by others without verification and may not be up to date when you read them. Computer-generated and other sample images or plans may only be broadly indicative and their subject matter may change. Images and photographs may show only certain parts of any property as they appeared at the time they were taken or as they were projected. Any forecasts or projections of future performance are inherently uncertain and liable to different outcomes or changes caused by circumstances whether of a political, economic, social or property market nature. Prices indicated in any currencies are usually based on a local figure provided to us and/or on a rate of exchange quoted on a selected date and may be rounded up or down. Any price indicated cannot be relied upon because the source or any relevant rate of exchange may not be accurate or up to date. VAT and other taxes may be payable in addition to any price in respect of any property according to the law applicable.
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