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Venture Tower To Become Student Hall

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VentureTower

A planning application (24/01089) has been submitted to convert Venture Tower to a 97 room student hall.   We see this as a speculative application as Savills seek a buyer for the derelict property.

Some more detail

 Interestingly, Savills state "Planning permission has been granted and implemented for change of use of building (1st-8th floor) to form a student hall of residence (Class C1), comprising 97 study bedrooms" - we would suggest that a better statement would be that planning permission has been applied for and may well be granted but it has not been yet....

They go on to list the buildings key attributes as being:

  • GIA of the entire building totals 29,687 sq.ft.
  • The university of Portsmouth is only located 0.8 miles away
  • There are 3 ground floor retail units, one let to Ladbrokes at £20,000 p.a. and another let Dominos at £21,000 p.a., the third unit is vacant and has an estimated Rental Value of £10,000 per annum
  • Potential to create further rooms within the existing building (subject to necessary consents)
  • A number of the planning conditions have already been discharged and all financial obligations due to the local authority have been paid


The only thing we would say at this point, is that the student market is changing in Portsmouth and areas like Fratton which were once very popular are now harder to let in this market, premium rents whilst appealing are only pad by a small proportion of the student population and halls living is rarely a preferred option once some independence has been gained.

Having said that, should someone believe it is a good investment, the proposed new look is definitely a good investment (see below).


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About the author

Martin Silman

Martin began his landlord journey 18 years ago, while working in an international role for a global telecommunications company. Since retiring he has extended his portfolio, which he manages with his wife, but has always focussed on the ‘small student HMO’ sector preferring to offer homes in the community for small groups to the more common ‘pack them in and take the money’ mentality. He has chaired the PDPLA for the past 9 years and has overseen the Associations transition from small local self-help group to a much larger and more professional institution which is recognised and listened to nationally. Alongside his PDPLA role, he also has leadership roles in a number of other local organisations – bringing his unique perspective, driving for change and increased use of technology while respecting the history that brought us here.

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