STUDENT HOUSING Utrecht Science Park East Utrecht
MEETING, CONNECTING, PROGRESS
4 FORE WORD
6 UTR ECHT
8 LOCAT ION
10 UT RE CH T AS A CIT Y OF TA LE N T
12 UTRECHT AS A CIT Y OF KNOWLEDGE
14 STUDENT HOUSING: THE MARKET
16 T RE N DS A N D DE V E LOP M E N T S IN ST UDE N T H OUSIN G
18 ST UDE N T H OUSIN G F OUN DAT ION (SSH )
20 ST UDENT ACCOMMODAT ION
22 EAST UTRECHT PROJECTS
24 ST UDE N T ACCOM M ODAT ION
2 6 CASA CON F E T T I
28 PART NERSHIPS
36 INVESTMENT OPPORTUNITIES
38 DE V E LOP M E N T S
PHOTO ACCOUNTABILITY Utrecht City image gallery: P.6, P.7 top, P.15 bottom, P.25, P.29, P.30 left, P.33 bottom right, P.35 top right, P.37. Utrecht University: P.7 bottom right, P.10, P.12, P.20, P.21, P.24 right. Jan Bitter: P. 24 left.E. Dronkert: The rowers P. 33. image gallery SSH/USP: Other images. CONCEPT & DESIGN DDK Utrecht COPYRIGHT SSH/USP
Floris de Gelder & To n J o c h e m s Utrecht Science Park is the leading knowledge hub in Utrecht and one of the main hotspots for economic growth. It is here that education, research, entrepreneurship and healthcare come together in the desire to work towards a healthy and sustainable future. Over 50,000 students attend lectures at Utrecht Science Park every day: no other place in Europe has such a high student density. Only a small proportion of these students also live on the campus. Utrecht is a true student city, with almost 20% of its total population consisting of students. High-quality accommodation and facilities are essential for attracting and retaining students. New student housing is being built and planned, but demand still outstrips supply. This brochure provides an indication of the opportunities and possibilities for expanding the range of options which allow students to live in their preferred student city.
Lonely Planet about Utrecht (2012) “Perhaps it’s the lure of Amsterdam that leads people to forget Utrecht. Whatever the reason, this graceful city is bizarrely undervisited. Its old town is encircled by a medieval canal, and you can hop on a boat tour to visit the city’s bustling, vibrant wharves. Built to connect the canalside with Utrecht’s impressive townhouses, today these unique spaces are filled with bohemian cafes, shops, restaurants and bars.”
Utrecht Science Park: the heart of Europeâ€™s most competitive region.
UTRECHT AS A CITY OF TALENT
Utrecht most competitive region in Europe According to the European Commission, Utrecht is Europeâ€™s most competitive region for the second time and heads a list of 271 regions, leaving areas such as Amsterdam, London and Paris trailing. Utrecht scores particularly high in the Joint Research Centreâ€™s ranking in terms of innovation, quality of the institutions, infrastructure (including digital networks), healthcare and human capital. The province of Utrecht boasts the highest-educated labour force in the country: 43% of the working population has a higher professional education or academic degree. The province of Utrecht is also known for its world-class universities and research institutes. The city of Utrecht is the fourth largest and one of the oldest cities in the Netherlands. But it is also a young city: 20% of its population is made up of students attending one of its institutions of higher education. Utrecht is one of the most accessible cities of the Netherlands, situated at a junction of motorways, railways and waterways. It offers outstanding national and international connections. Amsterdam Airport Schiphol, the fourth busiest in the world, is only a 30-minute train ride away.
a place where people can meet, connect and make progress
UTRECHT AS A CITY OF KNOWLEDGE
Utrecht Science Park - Working towards a healthy future Utrecht Science Park forms the heart of
expertise of the Antoni van Leeuwenhoek
into the leading oncological centre in the
Europe’s most competitive region. It is a
Hospital and the University Medical Center
Netherlands and far beyond. At Utrecht
unique location where healthcare, education,
Utrecht in a specialist cancer hospital for
Science Park top researchers are combining
research and entrepreneurship come together.
adults, Utrecht Science Park is developing
their efforts to find solutions for a longer and
The high concentration of internationally
renowned knowledge institutions such as Utrecht University, the University Medical Center Utrecht and the HU University of
Facts & Figures
Applied Sciences Utrecht and research institutes such as the Hubrecht Institute,
• Area: over 300 hectares
TNO and Deltares attracts various types of
• Companies: over 70
entrepreneurs, companies and investors.
• Employees: 20,000 every day • Students: 50,000 every day
In September 2013, Nutricia Research opened
• Patients: 400,000 outpatients every year
its doors. Danone’s new global research
• Visitors to UMC Utrecht: 15,000 – 20,000 every day
centre is accelerating innovation in the areas
• Start-ups: 20 every year
of early life nutrition and medical nutrition.
• Student housing: 2,600 student units by 2015,
With the arrival of the Princess Maxima Centre for Paediatric Oncology (2016) and the combination of the knowledge and
possibly expanding up to 4,000 • Investment: € 1 billion up to 2018
STUDENT HOUSING: THE MARKET
Student housing: a growth market in the Netherlands Demand for student housing will continue to increase in the future. The Netherlands is increasingly developing into a centre of knowledge. In regions around universities and universities of applied sciences, plenty of knowledge-intensive enterprises can be found and science parks and university campuses are being developed. Higher education is the driving force behind the knowledge economy. Housing is an important precondition for attracting and retaining students. Currently, student housing is a major bottleneck point in higher education. There are not enough rooms available, and for many students the time spent travelling to and from their knowledge institution is excessive. There is not enough accommodation for foreign students either. More student housing on the campus will not only attract students but will also encourage a culture of innovation and creativity. The more students there are, the more facilities there will be. And the more facilities there are, the more students and entrepreneurs they will attract. Students also develop many new small enterprises themselves and therefore contribute to the local knowledge economy and quality of life in the region.
TRENDS AND DEVELOPMENTS IN STUDENT HOUSING
ANTICIPATED POPULATION GROWTH IN THE FOUR MAJOR DUTCH CITIES OVER THE NEXT 30 YEARS. SOURCE: CBS
The Hague Rotterdam
t h c e r t â€‰U
ter ing fas is grow other e than th r cities. ajo three m
+20,000 Over the next 30 years, the number of inhabitants in the city will rise by 40%, as predicted by Statistics Netherlands (CBS).
Trends and future developments in student housing The annual National Student Monitoring,
± 30% university students and ± 70% students
The municipality of Utrecht is faced with a
which is supported by the Dutch Government,
at the University of Applied Sciences. These
substantial deficit in acceptable and affordable
predicts the number of academic students in
students are expected to appear in all age
student housing. The strong and stable de-
Utrecht to grow from ± 57,300 in 2013 to
and gender categories. As far as foreign
mand for student housing and the deficit of
± 61,400 by 2021. This growth encompasses
students are concerned, they will appear
supply in Utrecht, the diminishing availability
predominantly in the university realm. This
of classic sources of finance, and the ambitions
growth will not only be seen in Utrecht, as
and plans of Utrecht Science Park (possible
comparable reports predict similar strong
growth of 1,500 student apartments) provide
growth both in and outside the Netherlands,
for an interesting opportunity for investors.
for instance in the US, Germany and the UK.
STUDENT HOUSING FOUNDATION (SSH)
Facts & Figures • Founded in 1956 • 100 employees • 16,000 rooms and apartments • Total assets € 1/3 billion • Total economic value € 2/3 billion • Average economic value of dwellings € 80,000 • Total turnover € 45 million/year (rent € 30 million/year) • Average room rent € 272 / m onth, average apartment rent € 357 / month • Furnished (about 3,000) and unfurnished (about 12,000) rooms and apartments, full or limited service, on campus (about 3,000) or off campus (about 12,000) • Dwellings are either property of SSH (about 11,000), or of other housing corporations, private investors or institutional investors (about 4,000) • Currently active in Utrecht (including Bunnik and Zeist), Amersfoort, Rotterdam, Tilburg, Maastricht and Zwolle. Next year also in Groningen.
SSH (Student Housing Foundation)
SSH is a Dutch housing corporation that primarily aims to provide affordable accommodation for students. At the moment, SSH rents
out approximately 16,000 rooms and apartments. 22
Housing corporations in the Netherlands are modern real estate businesses and service providers, working independently at their own
expense and risk. These private non-profit organisations are therefore independent entities, but operating within a legal framework setup 0
affordable accommodation. The units are rented out for relatively
SSH regards it as its mission to provide students with high-quality and
by the government.
Source: rural monitor student housing 2013, ABF Research
Demand for student housing
short periods of time and offer services which are tailored to the target group. SSH has a culture which makes students feel at home.
Utrecht is the leading student city in the Netherlands. No other city has such a large student population as a percentage of its total number of inhabitants. In the years ahead, this number will continue to grow in all age categories.
Living on the campus Initially, Utrecht Science Park only offered space for university buildings. In 1999, SSH completed the first student complex with 1,000 rooms. This was followed by De Bisschoppen (550) in 2006 and the colourful Casa Confetti (400) in 2008. Building work is still in full swing: in 2013, the foundations of the splendid Johanna building (650) were laid. As well as housing, the student facilities have been expanded to include a supermarket and bar, for example. Utrecht Science Park has truly become a residential district for students!
Living in East Utrecht Alongside the centre, the residential districts on the eastern side of Utrecht are the areas where students prefer to live.They are the perfect base for students, as they are close to the university and the city centre. When building new complexes, SSH therefore focuses on these popular neighbourhoods. Examples include the transformed County Hall and â€“ a little further afield â€“ the KPN site. In 2017, SSH wishes to construct 540 student units and 260 starter apartments on this site. Some of the offices in the KPN tower will be transformed into residential units as part of this project.
EAST UTRECHT PROJECTS
Archimedeslaan: living in a green student district near the universities With the student complex known as De Sterren (2013), Rijnsweerd
Current student housing
has become a true student district. This district, next to Utrecht Science Park, is very diverse with a mix of owner-occupied dwellings,
1 IBB 1,300 Student Units
offices and student housing surrounded by parks. At the boundary between this unique green location and Utrecht Science Park, SSH
2 De Sterren 700
would like to create another 1,000 student units. 3 Cambridgelaan 1,000
KPN campus: popular location between the universities and lively city centre
4 Casa Confetti 400
5 De Bischoppen 550
6 Johanna 650
This site is located between the city centre and Utrecht Science Park. From 2016, SSH will be creating 800 units for students and starters here. Two existing office buildings on the site will be transformed into student accommodation. There will also be space for student facilities. The location makes this site very popular.
Affordable student housing Students often donâ€™t have much money. They prefer to live in an affordable student room or unit, and the cost of living is the main factor which determines whether a student room or unit is an attractive option.
When it comes to rooms, Utrecht currently has a significant deficit. Another 7,910 rooms are required in order to meet the current demand.* Every new student in Utrecht will therefore increase the pressure on the market. Demand is greater than supply, making vacancy levels low compared to other assets. Added to this is the countercyclical nature of student housing, since in times of economic downturn students tend to extend their stay at university rather than entering a weak labour market, and thus increase demand for student housing. Student housing generates a relatively stable cash flow and can be further optimised to further limit risk. A number of the students accommodations have the potential to be converted for alternative uses. *Source: student living monitor
HOUSING REQUIREMENTS BY TYPE OF LIVING SPACE, UTRECHT, 2013, 2021 Rooms, shared facilities, affordable Rooms, shared facilities, expensive Rooms, private facilities, affordable Rooms, private facilities, expensive Independent, affordable Independent, expensive 00
500 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 500 1,000 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500
Source: Apollo 2013 for the city of Utrecht
2 20 1n1/fe2tt0i v1oted 1
l o Casa C eautifu b t s o 10 m xes of the comple t n e d u st orld in the w
Casa Confetti Casa Confetti is proof that good and affordable accommodation can still go hand in hand with outstanding architecture. The website Flavorwire voted this building one of the most beautiful student complexes in the world: “Featuring giant swings and built-in loungers, this pretty pixelated, high density residence was designed to alleviate the housing shortage for young adults in Utrecht. Who says high density can’t be fun?”
THE FINANCIAL TIMES “Utrecht has one of the best investment climates in Europe.”
UTRECHT UNIVERSITY “The best university in the Netherlands for over 10 years”
JOINT RESEARCH CENTRE EUROPEAN COMMISSION In 2010 and 2013, the Utrecht region was voted the most competitive region in Europe.
UTRECHT SCIENCE PARK Architectural paradise: the Educatorium by Rem Koolhaas, the University Library by Wiel Arets and the Minnaert Building by Neutelings Riedijk are featured in the book ‘1001 buildings you must see before you die’.
Collaboration with private investors SSH is managing increasing numbers of third-party buildings. In the past, SSH did this for fellow housing corporations, but commercial investors and developers are now also finding their way to SSH. Because of the increasing interest and activity of institutional investors and increasing quality of the product itself, the market for student housing is evolving into an asset class in and of itself. Added to this is the fact that banks are increasingly interested in financing student housing. Private investors are also interested in affordable student housing. Take the real estate company De Waal, for example. In collaboration with SSH, this company transformed the former county hall in Utrecht into student complex De Sterren. The 659 student rooms cost an average of â‚Ź 275 excluding service charges. The rooms measure around 17 m2 and the communal facilities are shared with nine or ten people.
Examples of student housing in Utrecht by private investors •
County hall – (De Sterren) transformation, De Waal / SSH. Completed in 2014
Campus City Max – newly constructed studios for sale and rent aimed at students and starters; Bouwfonds Ontwikkeling, SSH and Bo-Ex. Completed in 2009
Oudenrijn hospital – (De Kwekerij) transformation and new build, studios and rooms for students, young people and starters; Veluwezoom Verkerk Vastgoedontwikkeling and Van Beek & Partners; DID Vastgoedontwikkeling / 4-Freedom Vastgoed. Under development
Startblok – starter homes in collaboration with SSH, Jebber and Syntrus Achmea. Under development.
The Netherlands is able to attract an ever increasing number of international students due to the widespread availability of English-taught programmes and low tuition fees.
Over the past few years a substantial number of empty office buildings have been redeveloped into student housing, solving problems in both markets.
Student housing is increasingly turning into an attractive asset class for commercial investors.
Student housing: an interesting portfolio investment •
Rapid growth of university enrolments, particularly by the so called ‘Echo Boomers’ (generation Y);
Limited on and off-campus supply;
A strong relationship with local market supply/demand fundamentals and not necessarily with external factors such as macro-economic growth and unemployment rate.
As a consequence, the addition of student housing to a portfolio can: •
lower exposure to market risk.
Utrecht matches the essential conditions for attractive student housing investments: •
Close proximity to universities that are experiencing enrolment growth;
Safe, secure, well-priced and professionally managed buildings;
With access to shopping, entertainment and public transportation.
Return on student housing The following calculations provide an average picture of the returns on student housing. The current investment conditions imposed by the government (such as the property valuation system and the tax on housing corporations) have been taken into account. Special location-specific costs have not been included (for example if extra soundproofing measures are required). Option A
Type of unit
Year of construction
Number of units
Construction costs per rentable unit
Monthly rent per rentable unit
Rental income per year
Net operating expenses per rentable unit*
Other operating expenses per rentable unit*
Government taxes per rentable unit*
Total operating expenses per year per complex
Gross Initial Return
Net Initial Return
Source: Kences, July 2013
Investment opportunities at Utrecht Science Park •
C urrently (including ongoing projects) 2,500 units available;
L and space for 1,500 additional units, already incorporated in zoning plan;
Target group: students, short-stayers and graduate students;
O ccupancy of existing units is 98%;
Indicative investment volume: €45 – 50 million. Indicative investment per 500 units: € 27.5 million;
Management can be arranged through existing SSH organisation.
USP Key Values Utrecht Science Park has developed an integral vision on the USP area on basis of three key values: hospitality, connectivity and reputation. For student housing, these values can be translated into:
A design with the right balance between cost-efficiency and distinctive architecture (reputation);
F irst-class availability of supportive technological systems and a functional facility service (hospitality);
A safe, secure and lively environment that is a pleasant place to live (connectivity).
There are excellent transportation systems and parking facilities.
New facilities should meet two sets of key conditions:
USP key values;
P erformance demands of relevant international real estate investment communities.
USP Projects 2013 – 2018 1D anone Nutricia Research (2013). Room for over 450 employees. 2 P +R De Uithof (2013). 2,000 parking spaces, as well as climbing walls. 3 E xpansion of University Medical Center Utrecht (2014 - 2016). Alliance with Antoni van Leeuwenhoek hospital and construction of the Center for Image Guided Oncological Intervention.
8 E ducation Centre of the Faculties of Science and Geosciences, Utrecht University (2015). Replaces the education centre in Went Building. 9 S tudent housing complex Johanna (2015). 650 student housing units. 10 N ew Life Sciences Incubator (2015). The LSI is an incubator for start-ups in the field of Life Sciences and will provide both laboratories and offices.
4 J oint Environmental Laboratory (2014). Utrecht University, TNO and Deltares combine their expertise to research the influence of human activities on climate, air, soil and water.
11 N ational Institute for Public Health and the Environment (RIVM) (2018). Room for 1,450 employees.
5 E xpansion of Hubrecht Institute, KNAW (firstphase: 2015). 400 new workplaces in Hubrecht Institute and UMC Utrecht.
12 D e Uithoflijn (2018). Tram connection between Utrecht Central Station and Utrecht Science Park (P+R). The tram replaces bus line 12/12s and has much more capacity.
6N ew housing for the Faculty of Geosciences, Utrecht University (2016/2017). 17,000 m2 of new gross floor area.
13 U SP Pavilion (expected 2015/2016). Catering pavilion with a view over the Botanical Gardens.
7 P rincess Máxima Centre for Pediatric Oncology (2016). Will open its doors alongside and in collaboration with the University Medical Center Utrecht, the Wilhelmina Children’s Hospital and the NKI-AVL (Antoni van Leeuwenhoek).
USP 2013 - 2018
Danone Nutricia Research (20 Room for over 450 employees.
P+R De Uithof (2013) 2,000 parking spaces, as well a
Expansion University Medical Alliance Antoni van Leeuwenh the Center for Image Guided O
Joint Environmental Laborato Utrecht University, TNO and De for research on the influence o soil and water.
Expansion Hubrecht Institute, 400 new workplaces in Hubrec
New housing faculty of Geosc 17,000 m2 gross floor area new
Princess Máxima Center for P Will open its doors alongside a University Medical Center Utre Hospital and the NKI-AVL (Ant
Education Center Faculties of Utrecht University (2015) Replaces the education center
Student housing complex Joh 650 student housing units.
10 New Life Sciences Incubator ( The LSI is an incubator for sta and will provide both laborator
11 Expansion University of Appli
12 National Institute for Public H (RIVM) (2018) Room for 1,450
13 De Uithoflijn (2018) Tram connection between Utre Science Park (P+R). The tram has much more capacity.
14 USP Pavilion (expected 2015/ Catering pavilion with a view o
15 USP Bilthoven (2013) Development satellite location P
Broadening the A27
Second tram line via the city c
Second P+R (transferium) to t
Renovation of central area inc
Area for business accommoda ± 20,000 m2 GFA
Area for business accommoda ± 40,000 m2 GFA
Area for student accommodat
Area for student accommodat
New build / renovation of mul stay, flexible working and cate
Conference facility Universite
Published on Jul 15, 2014
Brochure that provides an indication of the opportunities and possibilities for investments in studenthousing at Utrecht Science Park, the l...