The construction process is continuing on schedule at Newcastle’s newest student accommodation development, The Glass Works.
Since our last update, work at the site has now begun and is progressing well with the removal of contamination at the site and digging to form the reduced levels of the site’s three tiers now complete. Piling on the site has also begun and is currently two weeks into the planned six week programme.
Away from the site, a number of significant developments are being made. Sub-contracts have been created for the pile caps and ground beams, in addition to the steel podium frame of the East wing of Block C. Furthermore, the timber frames and bathroom modules required for studios in blocks B and E are also being prepared. The modular system that will be used to create blocks A, C and D is currently in production in China, with inspection and approval of the blocks expected to take place later this month.
As the early stages of construction continue, the last remaining design elements of The Glass Works are being confirmed. Mechanical and electrical infrastructures are undergoing the final remaining checks prior to approval, whilst the external cladding design and the common areas in each block are being finalised.
Management for The Glass Works will be conducted by CRM Students, the UK’s leading independent student accommodation operator, who will begin marketing the development online by the end of the year. CRM are also looking to create a full marketing suite and show studio at the site ready for February, allowing prospective student tenants to see what the development has to offer.
With construction already progressing well and on schedule for completion prior to the start of the 2015/16 academic year, now is an excellent time to invest in The Glass Works.
The development offers up to 9% NET rental returns achievable from year 1, with 3 years rental assurance.
Availability on The Glass Works is strictly limited, with only the final units remaining, therefore we advise investors to act promptly.
For more information on The Glass Works, please click here.