The accommodation comprises 343 beds split between en suite cluster (40%), studio (50%) and townhouse rooms (10%).
Steel City was built and opened for the 2019/20 academic year, with an additional phase comprising 19 townhouse beds completing for the 2021/22 academic year.
The accommodation features a state-of-the-art amenity offering, including a sky lounge offering 360-degree city views, private dining room and commercial-grade gym with fitness classes included for students.
Steel City was built and opened for the 2019/20 academic year, with an additional phase comprising 19 townhouse beds completing for the 2021/22 academic year.
The accommodation features a state-of-the-art amenity offering, including a sky lounge offering 360-degree city views, private dining room and commercial-grade gym with fitness classes included for students.
Sheffield has a total of 65,395 full-time students in the city, split fairly evenly between the University of Sheffield (47%) and Sheffield Hallam University (53%). University of Sheffield, the Russell Group University is under a 5 minute walk from the asset.
The property has a strong track record of occupancy since its opening and continues to demonstrate high performance, having achieved 98% occupancy for the 2022/23 academic year and remaining on track to deliver 100% occupancy for the 2023/24 academic year.
The property has a strong track record of occupancy since its opening and continues to demonstrate high performance, having achieved 98% occupancy for the 2022/23 academic year and remaining on track to deliver 100% occupancy for the 2023/24 academic year.
MARKET
COMMENTARY
The University of Sheffield is a member of the esteemed Russell Group and has a global reputation for being one of the leading UK research universities. In 2021 there was a considerable 19.4% (+2,290) jump in the number of international students attending Sheffield’s Universities. This growth was stimulated by Sheffield Hallam University, where numbers increased by a massive 97.9% (+2,345) year-on-year. This has contributed further to the diversification of Sheffield’s full-time student market, which has previously been considered heavily domestic.
Supply
There are currently c.30,000 live PBSA beds across the Sheffield market, meaning only 46% of the full-time student population can access PBSA. Most of these are first generation, non ensuite units that are quickly becoming obsolete.
Pipeline
The total forward supply in Sheffield, if all beds are delivered through to 2026 is 1,700 beds. If all beds are delivered, this would increase the rate of total supply by just 5.6%.
THE KEY STUDENT DEMOGRAPHICS
65,395
49,230
16,170
THE KEY STUDENT DEMOGRAPHICS