Latest news with #PBSA
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Inside the fightback against student flats in Edinburgh
This is a place as rich with history as it is character. In a past life it was frequented by highwaymen as the first stop and changeover point for the horse-drawn stagecoach to London, with its name referenced as far back as 1650. Over time, the village that occupied this crossroads has been absorbed into the growing sprawl of the capital. Cars replaced the humble wagon and tenements rose, laying the foundations for a new community. Impressively, the essence of its origins has remained. Now, that's fading slowly before the eyes of locals who feel defeated by developers. To this day, a pub still sits on the site once home to the coaching inn which gave this area its name, its single-story structure and double gable roof matching the original building's style. Soon, however, it will be gone. The Willow's windows are boarded up with metal sheets; inside, a pint hasn't been pulled for over a year. This watering hole, along with the Indian takeaway, disused recording studio and another pub next door to that, is destined for the bulldozers. In their place will rise seven storeys of student flats described as an 'imposing monolithic block'. Read more from our series, The Future of Edinburgh: So far, so typical for Edinburgh where the relentless expansion of purpose-built student accommodation (PBSA), against the backdrop of a 'housing emergency', ranks high on the list of peoples' peeves. However, at Jock's Lodge, this may just be the beginning of a wholesale transformation into a student village, some residents fear. Next door to the properties awaiting demolition, The Ball Room, a popular sports bar and pool hall which covers an even larger site, is being pursued by student housing developers, with a preliminary planning proposal sent to the council. Owners maintain there will be 'no change to our business for a very, very long time'. Slightly further along to the west and set back from the street is St Margaret's House, a 1970s office block that now houses community arts spaces. The prospect of this being replaced mostly by PBSA also looms large; planning permission has already been consented for its demolition to make way for 361 student beds and 107 flats for sale. The building was put up for sale earlier this year. Jock's Lodge (Image: The Herald) A growing sense of the community here being chipped away only deepened in February when the Church of Scotland announced it was going to close and sell Willowbrae Parish Church, which sits just off the junction. 'I think the pace and scale of change is obviously understandably really uncomfortable for a lot of people,' Danny Aston, SNP councillor for the area said. 'One of the things that's concerned me the most throughout all of these multiple applications has been that this area around Jock's Lodge is designated in the last local development plan, and the new one, as a 'local centre' which effectively means it's the closest thing to a high street this area has. Taken together these applications will really seriously undermine the value of this place for the community. 'This used to be somewhere where people came to meet up, have a drink, maybe have something to eat - and that's being greatly diminished. And I certainly wouldn't blame anyone on the other side of the road for feeling concerned about suddenly seven stories appearing in front of them, and the effect that will have on this really busy junction.' Martin O'Donnell, who lives just around the corner on Willowbrae Road, points out the closure of the pub has meant more than locals simply losing a place to have a drink. 'A lot of community groups met there, and it hosted public meetings,' he said. 'One of the main issues is the community having some facility to go to, be it shopping or hospitality. I would like to see more space in the development devoted for public amenities. 'If you come down Willowbrae you get a nice perspective of Jock's Lodge, the Willow pub and that's now going to be a huge block.' More from the Future of Edinburgh investigative series: The approved plans for a 191-bed block on the corner of Jock's Lodge and Smokey Brae were initially refused by councillors in 2023 after hundreds joined a local campaign opposing the development, arguing it would 'change the nature of the community'. However, this decision was overturned on appeal by the Scottish Government, in line with other similarly unpopular PBSA projects across the city that have gained consent. Other arguments made against the plans when they were considered in the City Chambers included that the building would be too tall and 'imposing', and as the site wasn't close to any university campuses it wasn't the 'right site for student accommodation'. Cllr Aston said at the meeting held two years ago: 'In the place of six commercial units – including the two pubs – there will only be one pub and the common room of the student accommodation which does not contribute to the local area.' This month he said there was now a 'question mark' over whether a bar and restaurant on the ground floor would still form part of the new development. 'I went to the planning committee and made the case on behalf of the community against the application,' he added. 'The committee agreed with me on that occasion, I think they made the right decision. I think the government reporter looked at it and made the wrong decision.' Kirsty Pattison from the Save Jock's Lodge campaign said: 'It does feel this area is completely under threat. I do get we need development, I understand that. I've grown up in this area. Cities change, but it just feels like we've been forgotten about for so long - Jock's Lodge, Craigentinny, Lochend have been forgotten about for so long. 'Now they're going to change the whole of Jock's Lodge, if all of it becomes student flats that's a material change. 'The church is going up for sale, that is a listed building so at least that can't be turned into PBSA.' She added discussions were ongoing about the possibility of pursuing a community buyout. Cllr Aston added: 'It's really important to protect the church. I've had conversations with local people who are really keen to make sure that it remains a space available to the community. 'There's been some quite positive developments which I can't unfortunately go into at this time, so it's really important and I am hopeful ultimately that it can remain open to the community in one way or another. A community buyout option is one of the options that's being discussed, but there are other options available.' The Edinburgh-based artist and activist known as Bonnie Prince Bob, who grew up at Jock's Lodge, said the council had 'allowed private developers to once again change the entire aesthetic of an area that's been the same way for a long time'. He said: 'I grew up here on the front street, at first glance it's not the most, you know, salubrious, inspiring area. It's a main thoroughfare - it's actually the main road to London. But it actually has a good community vibe. It's got a lot of charm, this area - there's a lot of people who have lived here for a long time. 'It's going to change. The Jock's Lodge pub has always been that single elevation pub on the corner. It's been a watering hole, a libation hole for a long, long time. When you approach this junction, whether it's from Smokey Brae, Willoebrae Road, whichever side you approach this junction from, it's going to change dramatically how that is. It's going to become much more closed in. Bonnie Prince Bob and Shaukat Ali (Image: The Herald) 'If you approach this junction, there's space - there's airspace. And I don't think people appreciate how important that is until that's gone. 'When that's gone you're suddenly faced with this imposing monolithic block. It's depressing, it changes the vibe entirely. I feel sorry for the people who live opposite it.' 'I believe this area does have a bit of charm, a bit of character at the moment and it will become this amorphous place. If you poll the people who live here, pretty much everybody is opposed to it.' Connor Robertson, an academic from Leith, told The Herald that the situation at Jock's Lodge is a perfect example of gentrification in action. He argued the proposed changes will push out local residents and businesses in favor of wealthier newcomers, eroding the area's traditional character and community ties. 'The universities themselves and other multinational conglomerates play an active role in gentrification of certain areas,' he said. Read more: 'There's a transient student population and there's a homogeneous, lukewarm, vacuous aesthetic to the whole place. There's nothing genuine or real or authentic to what parts of the city used to be and it all just ends up looking the same. 'With every single new or proposed PBSA block every one I speak to is like 'oh more student housing, when's there going to be enough student housing'. No one I know wants to have more. 'They've completely mismanaged the city, Edinburgh is another symbol of a wider global problem. Gentrification of areas that once were producers and now, the whole thing is based on consumption. And who can consume? The middle class can consume, so the working-class people are if not displaced then marginalised.' Properties on the west of The Willow were sold to developers by Shaukat Ali, who runs a corner shop across the road. He said student accommodation was not his preferred option for the site but 'no person ever came wanting to build houses'. He said: 'If there was an alternative, if there were different people who say 'we want to do this, we want to do that' I would go for something different. 'It's the council's fault and the government's fault. You can't blame that on people who want to make a lot of money. It's not my fault - it's the system that's wrong. 'If the council or the government said we'll buy this site - they had lots of time to do it - and will make it affordable housing. But they didn't want to do it.' Cllr Aston added: 'This shows us that the incentives that are stacked up in favour of developing purpose-built student accommodation are significant for developers. 'Some of the obligations that are placed on mainstream housing developments simply don't apply to student accommodation; there's much lower space standards in terms of the living arrangements for the students.' Edinburgh Council is in the process of drawing up new non-statutory planning guidance for student housing developers, which it says will 'seek to ensure the provision of good quality PBSA in appropriate locations whilst protecting the character of existing areas'. However, Councillor Aston said he wasn't getting his hopes up that it would have the desired effect. 'In the new city development plan the classification for PBSA is commercial, and I can understand some of the reasoning behind that. 'It's not treating it as housing because I think it's pretty clear it does belong in a different category from that. But, I'm concerned that potentially undermines some of the arguments that can clearly be made against applications like the one here at Jock's Lodge - that it's undermining the commercial heart of the community. If it's then possible to point at the most important piece of planning guidance, the City Plan, and say actually that categorises it as a commercial development, I have concerns about that.' In response to the growth of student accommodation, Leith Central Community Council (LCCC) recently called for a moratorium on further PBSA developments in Leith, highlighting the area as being home to a third of Edinburgh's PBSA beds (6332) and 67% of all the city's PBSA buildings. The approved plan for Jock's Lodge PBSA (Image: Allumno) In a statement the group said: '[We] oppose any new PBSA developments in the Leith area, citing the absence of a local university, the oversaturation of current PBSA's in Leith, and the pressing need for housing that serves long-term residents and diverse community needs. 'Leith is a vibrant, mixed community, and further PBSA developments risk upsetting this balance by increasing transient populations and reducing the availability of housing for families, key workers, and long-term residents.' Speaking to The Herald, LCCC chair Charlotte Encombe said: 'I'm not a planning expert but I can feel something in my bones when something is just not right. 'We have no problem with students, we're all very happy with students. But I think we really need to concentrate on getting affordable housing in the centre of Edinburgh. That is mainly the reason we've gone in quite hard. 'Enough is enough. All we do is PBSAs, PBSAs, PBSAs. 'It is a very profitable activity. It's just very difficult for a community council, a group of volunteers with mixed expertise, to try and stem this flood of more and more.' Cllr Aston said he believed a moratorium on new student accommodation blocks in areas already heavily concentrated with such developments is 'something we should very seriously consider'. He said: 'I suppose I would expect there not to be a shortage of communities that would put themselves forward. 'It would then be a matter for councillors to decide, if we were going to pursue that, which of those communities that felt they were oversaturated with student accommodation would be part of the moratorium. Or indeed, if we would look more widely than that.' Restrictions on PBSA are not unprecedented in Scotland. In Glasgow, new PBSA developments were effectively put on hold from 2019 to 2021 while the council engaged with various stakeholders to gather their views on student housing in the city, responding to concerns about an over-concentration of such provision. Following this consultation, the authority introduced new planning guidelines specifying that new student housing would no longer be supported in two areas: South Partick and Yorkhill, and Cowcaddens and Townhead. Read more: Meanwhile, The Cockburn Association, Edinburgh's heritage watchdog, warned last month that across Edinburgh, the "continued proliferation of PBSA" was "reshaping both the physical character of neighbourhoods and the daily life of the communities within them'. It said: 'From the tightly packed crescents of Marchmont and the Southside to the narrow streets of the Old Town and city fringe, developers are increasingly targeting former commercial premises, brownfield sites, and even viable historic buildings as opportunities for large-scale student accommodation.' Rather than 'relying on speculative delivery and developer-led policy formation,' it added, "it may be time to reassert a civic-led approach that places the needs of communities, students, and heritage on equal footing'.
Glasgow Times
2 days ago
- Politics
- Glasgow Times
More than 16,000 student beds in pipeline for Glasgow
Research has found that while there are around 20,000 purpose-built beds, more are needed to accommodate the number of students, with a shortfall of roughly 6000. A council official said there would be a 'significant risk of oversupply' if the whole pipeline was built even 'accounting for ongoing growth in students attending Glasgow institutions'. READ NEXT: Glasgow's drug consumption centre is working says health secretary But he said many planning consents are 'not translating into schemes being implemented' due to several factors, including the 'availability of development finance'. In an update to councillors, he said planners' principal focus when assessing applications is 'around the concentration of purpose-built student accommodation (PBSA), particularly around the city centre where there has been a high volume of cases submitted and approved'. It is now likely that 'assessments will start to conclude that some areas have reached a threshold for PBSA development', he added. The official told the city's housing committee that there is 'no hard and fast rule that says what a particular threshold is'. But he added: 'We are seeing areas where up to 40% and above of a population within a 400 metre radius would be people living in PBSA. I think that is fair to say is getting towards a level that is something that officers and maybe elected members may want to resist as well. 'Every case must be considered on its own merits, but we have seen an increase in the number of cases and I think we are getting to a stage where we may have to make decisions that consider that the concentration is actually too high.' Proposed student housing, St George's Road(Image: Newsquest) Proposed student housing, India Street (Image: Supplied) Proposed student housing, Central Quay (Image: Unite) READ NEXT: Gangland violence 'out of control' John Swinney is told after Spain shootings Guidance introduced in 2021 identified two areas — Townhead/Cowcaddens and Yorkhill/Partick — where further PBSA 'would be resisted'. A council audit in January this year found around half of the existing managed student accommodation was located in these areas of overconcentration (9708), but very few of the beds in the pipeline are (111). Since 2017, developers have been required to show student accommodation schemes can be 'adapted to alternative uses should demand reduce'. Applicants are also expected to demonstrate that there is a demand for accommodation. And, the official said, planners are now giving 'weight to cases that are able to introduce some offer of affordability'. They are also supportive of plans to repurpose an existing building. Figures for 2023/24 revealed there were 87,215 students in Glasgow, down from a peak of 92,430 in 2021/22, but still around 10,000 higher than pre-pandemic levels. The council audit showed there are 20,218 beds across 72 purpose-built sites, with around half of the supply in the city centre. Around 65% of the proposed beds in the development pipeline would be in the city centre. Over 2000 of the 16,000 are in construction, while more than 4000 have been granted permission but work has not begun, the official said. A UK collaborative centre for housing report in September last year calculated that, for the 2022/23 academic year, there was a shortfall of 6093 beds to accommodate the then 90,030 students at Glasgow universities. An evidence report, prepared ahead of the creation of a new city development plan, found future policy should 'reflect on student concerns about affordability' and 'recognise a clear student preference for on-campus accommodation'. A council report added work to monitor supply and demand continues with the universities and accommodation providers, and will feed into forthcoming planning policy.
Yahoo
3 days ago
- Business
- Yahoo
Share Prices of These 5 Singapore Stocks Have Broken Through Their 52-Week Highs: Are They Worth a Second Look?
Markets are dealing with lingering pessimism over the announcement of a raft of reciprocal tariffs from US President Donald Trump. Despite the dour mood, some businesses have still done well and managed to grow their revenue and profits. Investors can look at the list of stocks hitting their 52-week highs to filter out possible gems that they can add to their portfolios. We shine the spotlight on five such stocks that you may wish to add to your buy watchlist. Centurion is a provider of purpose-built worker accommodation (PBWA) and purpose-built student accommodation (PBSA) assets in countries such as Singapore, Malaysia, and China. As of 31 March 2025, the group owns and manages a portfolio of 37 accommodation assets totalling 69,929 beds. Centurion's share price has soared 55% year-to-date (YTD) and hit its 52-week high of S$1.50. The group released an encouraging business update for the first quarter of 2025 (1Q 2025). Revenue rose 13% year on year to S$69 million, led by a 15% year-on-year revenue jump in the PBWA segment. The average occupancy stayed high at 99% for Singapore's PBWA for 1Q 2025, and management has commenced the redevelopment of Westlite Toh Guan and Westlite Mandai to add 1,764 and 3,696 new beds by 4Q 2025 and 2026, respectively. Over in Malaysia, average occupancy dipped to 82% because of short-term headwinds from the foreign worker cap. Management is, however, exploring a potential development of 7,000 beds in Nusajaya in Johor. Meanwhile, Centurion is developing a new 732-bed PBSA in Macquarie Park (Sydney), with expected completion in 4Q 2025. Azeus is a provider of software products and services and delivers innovative IT solutions to organisations and government agencies in more than 100 countries. Azeus' share price has shot up 46% YTD to close at its 52-week and all-time high of S$16.50. The group announced a strong set of results for fiscal 2025 (FY2025) ending 31 March 2025. Revenue jumped 44% year on year to HK$474.8 million. Gross margin increased by six percentage points from 71% to 77%, with gross profit climbing 56% year on year to HK$363.8 million. Net profit leapt 96% year on year to HK$166.9 million. This growth is the result of the continued growth in the Azeus Products business line and its Central Electronic Record Keeping System contract. The group also doubled its free cash flow generation to HK$194.4 million for FY2025. A final dividend of HK$3.90 was declared, taking the FY2025 dividend to HK$5.50. Food Empire manufactures instant beverages, snack foods, and food ingredients and distributes them to more than 60 countries. The group has a portfolio of proprietary brands such as MacCoffee, CafePHO, and Klassno. The food and beverage manufacturer saw its share price soar 90% YTD to its 52-week high of S$1.86. For 1Q 2025, total revenue climbed 16.3% year on year to US$136.6 million, representing a strong start to the year. The strong performance was contributed to by a 33.8% year-on-year revenue increase in Southeast Asia and a 31.7% year-on-year revenue rise for South Asia. Food Empire adopted a dynamic pricing approach to cushion its performance from inflation and rising coffee bean costs. Looking ahead, the group plans to establish a freeze-dried soluble coffee manufacturing facility in Binh Dinh province, with completion expected to be by 2028. By the first half of 2025, the group will complete the expansion of its snack manufacturing facility in Malaysia. Over in Kazakhstan, construction of its first coffee-mix manufacturing facility should be completed by the end of this year. China Sunsine is a specialty chemical producer selling rubber accelerators, insoluble sulphur, and anti-oxidants. The group is the largest rubber accelerator in the world and serves more than 75% of global tyre makers, including Bridgestone, Michelin, and Goodyear. China Sunsine's share price climbed 23.3% YTD to hit its 52-week high of S$0.57. For 2024, the group saw revenue inch up 1% year on year to RMB 3.5 billion. Gross margin improved slightly from 22.9% to 24.2%, leading to a 6% year-on-year growth in gross profit to RMB 850 million. Net profit increased by 14% year on year to RMB 423.9 million for 2024. The business also churned out a positive free cash flow of RMB 459.5 million, up 9.6% year on year. In line with the good results, China Sunsine declared a final dividend of S$0.03, comprising an ordinary dividend of S$0.02 and a special dividend of S$0.01. This was higher than the previous year's total final dividend of S$0.025. SIA Engineering, or SIAEC, is a maintenance, repair, and overhaul (MRO) specialist for aircraft and also provides line and base maintenance services. SIAEC's share price rose 20.6% YTD to hit its 52-week high of S$2.87. For FY2025, the group reported revenue of S$1.24 billion, up 13.8% year on year. Operating profit stood at S$14.6 million while net profit came in at S$139.6 million, up 43.8% year on year. Net profit was boosted by a 17.4% year-on-year increase in the share of profits from SIAEC's associates and joint ventures. Free cash flow nearly doubled year on year from S$51.7 million to S$102.6 million for FY2025. A final dividend of S$0.07 was declared, slightly higher than the S$0.06 paid out a year ago. SIAEC declared a total FY2025 dividend of S$0.09. The group's strategy is to expand its geographical presence and also grow its capacity and MRO capabilities to handle new-generation aircraft. How do rich Singaporeans invest when volatility hits? They turn to companies with cash, history, and discipline. This free report highlights 5 blue chips that deserve your attention. Get your copy here and see who made the list. Follow us on Facebook, Instagram and Telegram for the latest investing news and analyses! Disclosure: Royston Yang does not own shares in any of the companies mentioned. The post Share Prices of These 5 Singapore Stocks Have Broken Through Their 52-Week Highs: Are They Worth a Second Look? appeared first on The Smart Investor.
Business Wire
3 days ago
- Business
- Business Wire
Lone Star Funds to Acquire Portfolio of Nine Purpose-Built Student Accommodation Assets in the UK
DALLAS & NEW YORK & LONDON & TOKYO--(BUSINESS WIRE)--Lone Star Funds ('Lone Star') today announced that an affiliate of Lone Star Real Estate Fund VII, L.P. has reached an agreement to purchase nine Purpose-Built Student Accommodation ('PBSA') assets in the UK from affiliates of Unite Students ('Unite'), the UK's largest owner, manager and developer of PBSA, for £212 million, scheduled to close in August 2025. The portfolio comprises 3,656 beds across nine high-quality PBSA assets in five well-located university markets: Aberdeen, Leicester, Leeds, Nottingham and Sheffield. The assets present an opportunity for value creation through targeted capital investment and operational enhancements. 'This transaction aligns with Lone Star's global strategy of investing in resilient sectors of the housing market where we can leverage our expertise to unlock long-term value,' said Jérôme Foulon, Global Head of Commercial Real Estate for Lone Star. 'We continue to see attractive opportunities in the UK's PBSA sector, which benefits from the growing student population demand and a continued shortage of high-quality accommodation.' This acquisition marks Lone Star's second transaction with Unite in the past three years and further expands the firm's presence in the UK student housing sector. With this latest investment, Lone Star's PBSA portfolio now exceeds 10,000 beds in the market, offering enhanced scale and geographic diversification across top-tier university locations. About Lone Star Lone Star is a leading private equity firm advising funds that invest globally in corporate equity, credit, real estate and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. The firm organizes its funds in three series: the Opportunity Fund series; the Commercial Real Estate Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to
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Business Standard
4 days ago
- Business
- Business Standard
61% of students in UK borrow to pay rent as accommodation costs surge 15%
Spending on student housing in the UK has jumped 15 per cent, driven by rising rents, an influx of international students and a growing preference for higher-end purpose-built student accommodation (PBSA), according to a new report by a global student accommodation platform. 'The 15 per cent increase in the proportion of student budgets dedicated to accommodation is a clear indicator of a worsening affordability crisis,' said Mamta Shekhawat, founder of 'Without immediate and effective interventions, the rising cost of accommodation will continue to risk student wellbeing, academic success, and the fundamental principle of equitable access to higher education in the UK.' Notably, of the total number of students approaching for UK accommodation, 52 per cent are Indians. Rent exceeds maintenance loans PBSA costs have now risen to an average of £13,595 per year for the 2024/25 academic session—up from £11,500 in 2022/23, marking an 18 per cent increase in just two years. In London, the most expensive city for students, monthly rents average £1,211, far outpacing costs in places like Northern Ireland, where average monthly rents are £904. The rise in rental prices shows no signs of slowing. Nationally, rent grew by 8 per cent in early 2025, and in cities like London, Manchester and Edinburgh, annual increases have ranged between 8 per cent and 12 per cent. International demand and shrinking supply More than 600,000 international students were enrolled in UK universities in 2023–24, and this figure is expected to grow, adding pressure to an already strained housing market. Despite the demand, supply remains flat. The UK currently has around 678,000 PBSA beds, while demand is estimated at 1.4 million. Many landlords have also exited the rental market due to higher mortgage payments, further reducing the availability of shared houses—particularly houses in multiple occupation (HMOs), which are popular among international students. PBSA on the rise With features such as en-suite bathrooms and on-site amenities, PBSA has become a preferred option despite the price. But these costs often exceed what students can afford through government loans. In London, for example, average annual PBSA rent is £13,595, compared to the maximum maintenance loan of £13,348. This gap is pushing many students into financial strain. According to 59 per cent of students struggle to pay rent. To manage the shortfall: 61 per cent have borrowed money: 36 per cent from family or friends 25 per cent through bank loans, credit cards or overdrafts Many have taken on more part-time work, affecting academic focus and mental health The platform said its services offer verified listings, budgeting tools and resources on tenant rights to help students navigate the housing market. Rising inflation in the UK According to the latest data tracked by the Office for National Statistics (ONS), prices in the UK rose by 3.5% in the 12 months to April, with the inflation rate fuelled by higher household energy and water bills. Inflation remains above the Bank of England's target, which is 2%. The Bank expects inflation to rise again this year after several months of gradual falls. It has cut interest rates four times since last August to the current 4.25%. Why rising costs in the UK matter to Indians The UK is home to some of the world's leading universities. Imperial College London ranks 2nd globally in the QS World University Rankings 2025, followed by the University of Oxford at 3rd and the University of Cambridge at 5th. Other top institutions such as University College London, ranked 9th, further add to the UK's appeal. Indian students have become a key part of the UK's international student population. According to the Higher Education Statistics Agency (HESA), Indian student enrolment in the UK rose by 39% in the 2022–23 academic year to reach 173,190 students—surpassing China for the first time since 2018. Between April and June 2023 alone, over 16,185 student visas were issued to Indian nationals. The UK has set a target of hosting 600,000 international students by 2030, according to ICEF Monitor.
