Select Property, a major player in the UK and UAE property markets, has now launched a new student accommodation project, which is part of its purpose-built Vita Student Village development in Yorkshire, northwest of UK.

Pear House is the 11th of the 16 buildings within the project coming up in the city of York that is being developed by the UK-based global developer, retailer and operator of market-leading property investment brands.

Select Property said it has witnessed record interest in its latest student accommodation development in York with over 60 per cent of units selling out in just three months.

The company said the Pear House launch is in response to a shortage of student accommodation against a growing number of university students in York, which is home to two of UK’s top universities - the University of York and York St John’s University.

Opening in September 2017, Select Property said its award-winning Vita Student brand will bring 649 beds to the city, creating a unique student village of 16 three- and four-storey buildings.

This historic 6.3-acre site is in a highly desirable location for students as it is within walking distance of both the city and its universities, said a statement from Select Property.

Adam Price, managing director of Middle East at Select Property Dubai, said: “We are delighted to be launching another building at the Vita Student Village in York. The Vita Student brand has redefined the student accommodation landscape by offering exceptional levels of service, alongside state-of-the-art accommodation and York will boast the most impressive facilities ever created for students.”

“Our end-to-end service means that we develop, sell and manage our properties, ensuring the best possible service for both customers and investors. With 435,495 international students studying in the UK and spending £6.3 billon on living expenses, this is the ideal addition to any savvy investor’s portfolio. We’re looking forward to sharing the opportunity with investors in the GCC region and showing them around our show pod in our Dubai offices,” said Price.

Vita Student places as much emphasis on customer service as on offering stylish residences. It boasts 100 per cent occupancy across its portfolio, offering investors strong, long term returns.

York is home to two of the UK’s top universities, the University of York and York St John’s University. With approximately 21,000 students in the city, 13,000 do not have access to dedicated student accommodation, said Select Property.

Vita Student will fill this gap with its first outstanding student village, it said.

Student housing in the UK generates returns 50 per cent higher than standard residential stock and with £4.2 billion spent on student accommodation this year, student property investment is quickly becoming the UK’s best performing asset class, Select Property said.

Vita Student leads the market with 100 tenancy across the country, achieving 25 per cent rental premiums above market rates, according to Select Property.

Vita Student has eight operational residences and a further five in development across Edinburgh, Glasgow, Newcastle and York.-TradeArabia News Service