Property and investment firm Carling Property Group has entered the student accommodation market with the acquisition of Alloway Halls, formerly owned by Abertay University. The Dundee-based company is to turn the halls of residence into affordable student housing, with rents at a lower rate than when the University owned them.
Announcing the news, owner Graeme Carling invited John Alexander, Convenor of Neighborhood Services, to view the property, now called Kingsway Apartments. The price for the halls is £75 per week.
With more than two decades in property development and investment, Graeme and wife Leanne are now Scotland’s largest private residential landlords and are making a name for themselves in delivering quality affordable private sector housing to the Scottish rental market.
Graeme Carling, co-founder of Carling Property Group along with Leanne, said:
“There is a distinct shortage of quality, affordable housing in Scotland, including in the student market. We believe our acquisition of Alloway Halls and the rental rates we are setting will go a little way to addressing that issue in Dundee.”
“We had a number of ideas for what to do with the property, but then spotted a gap in the market for good accommodation for students that is not outside of their reach financially. We’re excited to be dipping our toe into the student market.”
John Alexander added:
“Demand for decent, affordable housing in Scotland is at an all-time high, and with reports showing that demand is outstripping supply, it’s heartening to see investors like the Carlings trying to fill a much-needed gap. The Kingsway Apartments project is proof that quality needn’t be compromised in return for affordability.”
Carling Property Group owns and manages 350 rental properties all over Scotland with most in the Dundee and Arbroath area. The company is on course to increase its portfolio to 1,000 properties within the next five years.