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Thames Valley diversifies into student market to - 18/12/07
Thames Valley Housing Association has launched a major diversification programme with a strong move into the student accommodation market, which it sees as a key growth area.
This week the TVHA Group will complete the acquisition of two schemes at the University of Surrey comprising of 461 units of student units as part of a stock transfer which also included 91 keyworker rented units for staff working at the Nuffield Orthopaedic Centre NHS Trust in Oxford.
Zahid Hanif, Director of New Business and Home Ownership at Thames Valley Housing, said: “We see the student market not only as an important area for growth, but as a service that can cross-subsidise the Group’s core business, which remains the provision of traditional rented and shared ownership housing stock.
“It is part of the Thames Valley ethos to constantly look at how we can improve on the work we do, and how we can use growth to maximise income and funding. This first step into the large-scale student market is that process in action.”
TVHA acquired both tranches of property from Pavilion Housing Association, which had announced plans for disposal in 2006 as part of rationalisation.
The Surrey University accommodation comprises 461 en suite rooms in two smart modern buildings, with leases extending to 30 years.
“With the University’s corporate plan for the next decade forecasting significant growth, we see strong future demand for the accommodation” said Zahid Hanif.
The Nuffield Orthopaedic Centre accommodation in Oxford provides key worker and student places in four purpose-built blocks just outside the city centre which TVHA has purchased on a 125 year leasehold interest. This transfer forms part of a portfolio of 2300 commercial units that TVH has developed or acquired over the last 5 years the most recent of which was concluded this summer at St George’s Healthcare NHS Trust which was the largest NHS scheme of its type in London. In addition to the 557 units of keyworker rented units the scheme enables 78 shared ownership properties without the need for grant funding
These acquisitions – which were transferred under Thames Valley’s charitable subsidiary, TVHCA - will generate excellent rental income at affordable, below-market levels, a factor reflected in the premiums paid. They are also well-sited within TVHA’s geographical area of operation and a good fit with the Group’s existing management services.
TVHA plans to double in size over the next five years and these new acquisitions make a key contribution to the Group’s aim of amassing at least 3,000 units of commercial accommodation as well as boosting diversification into more non-grant-funded activity.
For more information please contact Nick Lloyd, New Business Project Manager at Thames Valley Housing on T: 020 8607 0889 or visit W: www.tvha.co.uk
ENDS
Further Information
For more information on Thames Valley Housing, please contact Serena Webber, BlueIce Communications, Tel: 020 7937 7537 or Email: swebber@blueicecom.com
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