Investment Opportunities

A guaranteed minimum return of five per cent per annum has underlined the investment value of Cornwall’s first purpose-built student accommodation off campus and reinforced hopes of a sustained recovery in the property market.

The guarantee, for the first 24 months of ownership, is being offered by Devington Homes in respect of its six-storey Maritime Studios development near Falmouth Docks, where 145 studio apartments were completed last year with “five star student living standards.”

The move has prompted a flurry of fresh interest in the development, which offers year-round rentals from a student population that is mushrooming in line with the fast-growing Combined Universities in Cornwall.

Over 50 per cent of the apartments are already pre-let for the next academic year starting in September, and five sale reservations have been secured within a fortnight of announcing the guaranteed minimum return scheme.

Last year Devington could not pre-let as Maritime Studios was still under construction, but quickly achieved 100 per cent occupancy during September and October.

“As well as the reservations, we have received nearly a hundred serious inquiries, which is in stark contrast to the previous two or three months when the market was extremely quiet,” said managing director Lawrence Butler.

“We have been greatly encouraged by the response. Together with various other indicators, we subscribe to the growing conviction that there is fresh interest in the property market generally and that the worst may now soon be behind us.”

He added: “With interest rates having plummeted and the value of savings eroded, Maritime represents an opportunity to safeguard a great return on investment as well as gain from capital growth in the medium term.

“The apartments have been universally acknowledged as wholly exceptional in quality and the feedback from the students themselves has left us in no doubt just how popular they have proved.”

The apartments’ sale prices range from £85,000 to £115,000. At the formal opening ceremony in November, Councillor Mike Varney, chairman of Carrick Planning Committee and Mayor of Falmouth, described Maritime Studios as “a fantastic initiative.”

Whether a mature or 1st year student, Maritime Studios provides a safe and sociable modern environment; for the investor, an investment within a location of increasing demand provides safer yields, set against a backdrop of a burgeoning town where development is linked closely to the improving prosperity of the area providing a sound foundation for an investment opportunity.

With an active management department, Devington Homes are very familiar with dealing with both established investor and parent purchasers. For detailed breakdown of expected rental returns together with borrowing costs please contact us.

'Why rent when you can buy'

Main Menu

Information

If you have any questions at all about living or investing in the Maritime Students Apartments:

request a prospectus
pricing
legal information

Please do not hesitate to contact us at Devington Homes and we will be delighted to help.

Either phone 01326 211655 (ask for Carole) or use the email contact form.