Salford 'particularly attractive to property investors'
Salford has been highlighted as one area of the country where investors are queuing up to put their money into student accommodation, a sector expert has claimed.
Charlie Cunningham, chief executive at FreshStart Living, said some of the most desirable properties at present are renovated mills, as they offer ample space for refurbishment and are typically cheaper to purchase in the first place.
Both of these factors mean investors are able to see significant returns, while the large number of students requiring accommodation in the city means there is always demand for this type of property.
He commented: "Manchester and Salford are of particular interest to investors because they are popular student cities with an undersupply of student accommodation, meaning it's easy to find a tenant and to see high returns."
So far this year, more than £2 billion has been invested in student accommodation across the UK.
Mr Cunningham added that apartments situated close to the city centre are equally desirable and if they can be purchased below the typical market value it means landlords are able to charge cheaper rates, undercutting their competition while still recording positive gains.
The news follows a recent announcement from the University of Manchester of a £1 billion investment in new buildings over the coming years.
Spread over the next six years, the university is aiming to deliver a range of new services and amenities for staff and students alike, including a larger Students' Union, new centres for law and business, a new engineering campus and a new medical school.
Director of estates and facilities at the university Diana Hampson said: "It has been our ambition [since 2004] to bring all of the academic activity together on a single site ... which will improve efficiency, improve the student experience and reduce the university's carbon footprint."
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