Student houSingutrecht Science Parkeast utrecht
Meeting, ConneCting, ProgreSS
4 Foreword 8 Locat ion 10 Utrecht as a c it y oF taLent
6 Utrecht
12 Utrecht as a c it y oF knowLedge
38 deveLopments
20 stUdent accommodat ion 22 east Utrecht projects
16 trends and deveLopments in stUdent hoUs ing
24 stUdent accommodat ion 26 casa conFet t i
36 investment opportUnit ies28 partnerships
18 stUdent hoUs ing FoUndat ion (ssh)
14 stUdent hoUs ing : the market
4 Foreword
F l o r i s d e G e l d e r & 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.
6 utreCht
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 under-
visited. 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.”
8 LoCation
UtrechtEindhoven
Amsterdam
Utrecht Science Park: the heart of Europe’s most competitive region.
10 utreCht aS a City oF taLent
Utrecht most competitive region in Europe
According to the European Commission, Utrecht is Europe’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 Centre’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
12 utreCht aS a City oF knowLedge
Utrecht Science Park - Working towards a healthy future
Facts & Figures• Area: over 300 hectares
• Companies: over 70
• Employees: 20,000 every day
• Students: 50,000 every day
• Patients: 400,000 outpatients every year
• Visitors to UMC Utrecht: 15,000 – 20,000 every day
• Start-ups: 20 every year
• Student housing: 2,600 student units by 2015,
possibly expanding up to 4,000
• Investment: € 1 billion up to 2018
Utrecht Science Park forms the heart of
Europe’s most competitive region. It is a
unique location where healthcare, education,
research and entrepreneurship come together.
The high concentration of internationally
renowned knowledge institutions such as
Utrecht University, the University Medical
Center Utrecht and the HU University of
Applied Sciences Utrecht and research
institutes such as the Hubrecht Institute,
TNO and Deltares attracts various types of
entrepreneurs, companies and investors.
In September 2013, Nutricia Research opened
its doors. Danone’s new global research
centre is accelerating innovation in the areas
of early life nutrition and medical nutrition.
With the arrival of the Princess Maxima
Centre for Paediatric Oncology (2016) and
the combination of the knowledge and
expertise of the Antoni van Leeuwenhoek
Hospital and the University Medical Center
Utrecht in a specialist cancer hospital for
adults, Utrecht Science Park is developing
into the leading oncological centre in the
Netherlands and far beyond. At Utrecht
Science Park top researchers are combining
their efforts to find solutions for a longer and
healthier life.
14 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.
16 trendS and deveLoPMentS in Student houSing
Utrecht
rotterdam
+124.000
+20.000
+112.000
+67.000
amsterdam
the hague
antiCiPated PoPuLation growth in the Four Major dutCh CitieS over the next 30 yearS. SourCe: CBS
Utrechtis growing faster
than the other
three major cities.
over the next 30 years, the number of inhabi-tants in the city will rise by 40%, as predicted by Statistics netherlands (CBS).
The annual National Student Monitoring,
which is supported by the Dutch Government,
predicts the number of academic students in
Utrecht to grow from ± 57,300 in 2013 to
± 61,400 by 2021. This growth encompasses
Trends and future developments in student housing
± 30% university students and ± 70% stu-
dents at the University of Applied Sciences.
These students are expected to appear in all
age and gender categories. As far as foreign
students are concerned, they will appear
predominantly in the university realm. This
growth will not only be seen in Utrecht, as
comparable reports predict similar strong
growth both in and outside the Netherlands,
for instance in the US, Germany and the UK.
The municipality of Utrecht is faced with a
substantial deficit in acceptable and affordable
student housing. The strong and stable de-
mand for student housing and the deficit of
supply in Utrecht, the diminishing availability
of classic sources of finance, and the ambitions
and plans of Utrecht Science Park (possible
growth of 1,500 student apartments) provide
for an interesting opportunity for investors.
18 Student houSing Foundation (SSh)
• 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/month,
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), Amers-
foort, Rotterdam, Tilburg, Maastricht and Zwolle. Next year also in
Groningen.
Facts & Figures
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.
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 by
the government.
MissionSSH regards it as its mission to provide students with high-quality and
affordable accommodation. The units are rented out for relatively
short periods of time and offer services which are tailored to the
target group. SSH has a culture which makes students feel at home.
HBO
WO
2013
2013
2021
2021
Bron: Landelijke Monitor Studentenhuisvesting 2013, ABF Research
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Demand for student housingUtrecht 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.
20 Student aCCoMModation
Living in East UtrechtAlongside 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 – a little
further afield – 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.
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 on the campus
22 eaSt utreCht ProjeCtS
Current student housing1 IBB 1,300 Student Units
2 De Sterren 700
3 Cambridgelaan 1,000
4 Casa Confetti 400
5 De Bischoppen 550
6 Johanna 650
Archimedeslaan: living in a green student district near the universitiesWith the student complex known as De Sterren (2013), Rijnsweerd
has become a true student district. This district, next to Utrecht
Science Park, is very diverse with a mix of owner-occupied dwellings,
offices and student housing surrounded by parks. At the boundary
between this unique green location and Utrecht Science Park, SSH
would like to create another 1,000 student units.
KPN campus: popular location between the universities and lively city centreThis 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.
Central Station
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5
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Dom
KPN
Archimedeslaan
Affordable student housingStudents often don’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.
24 Student aCCoMModation
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: StudentenWoonMonitor
Source: Apollo 2013 for the city of Utrecht
houSing requireMentS By tyPe oF Living SPaCe, utreCht, 2013, 2021
202120130 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 7000 7500 80000 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 7000 7500 80000 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 7000 7500
Rooms, shared facilities, affordable
Rooms, shared facilities, expensive
Rooms, private facilities, affordable
Rooms, private facilities, expensive
Independent, affordable
Independent, expensive
26 CaSa ConFetti
2011/2012Casa Confetti voted 1
of the 10 most beautiful
student complexes
in the world
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?”
Casa Confetti
28 PartnerShiPS
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’.
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”
30 PartnerShiPS
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 € 275, excluding service
charges. The rooms measure around 17 m2 and the communal
facilities are shared with nine or ten people.
32 PartnerShiPS
Examples of student housing in Utrecht by private investors
• Countyhall-(DeSterren)transformation,DeWaal/SSH.
Completed in 2014
• CampusCityMax-newlyconstructedstudiosforsaleandrent
aimed at students and starters; Bouwfonds Ontwikkeling, SSH
and Bo-Ex. Completed in 2009
• Oudenrijnhospital-(DeKwekerij)transformationandnew
build, studios and rooms for students, young people and
starters; Veluwezoom Verkerk Vastgoedontwikkeling and
VanBeek&Partners;DIDVastgoedontwikkeling/4-Freedom
Vastgoed. Under development
• Startblok-starterhomesincollaborationwithSSH,Jebberand
Syntrus Achmea. Under development.
Photo: E. Dronkert
34 PartnerShiPS
• TheNetherlandsisabletoattractanever
increasing number of international students due
to the widespread availability of English-taught
programmes and low tuition fees.
• Overthepastfewyearsasubstantialnumberof
empty office buildings have been redeveloped into
student housing, solving problems in both markets.
• Studenthousingisincreasinglyturningintoan
attractive asset class for commercial investors.
• Rapid growth of university enrolments, particularly by the so
called ‘Echo Boomers’ (generation Y);
• Limited on and off-campus supply;
• Astrongrelationshipwithlocalmarketsupply/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 volatility;
• improve diversification;
• 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.
Student housing: an interesting portfolio investment
36 inveStMent oPPortunitieS
Option A Option 2
Type of unit Independent Dependent
Year of construction 2013 2013
Number of units 250 250
Construction costs per rentable unit € 75,000 € 55,000
Total investment € 18,750,000 € 13,750,000
Monthly rent per rentable unit € 360 € 282
Rental income per year € 1,080,000 € 846,000
Net operating expenses per rentable unit* € 459 € 459
Other operating expenses per rentable unit*
€ 995 € 647
Government taxes per rentable unit* € 377 -
Total operating expenses per year per complex
€ 457,750 € 276,500
Gross Initial Return 5.76% 6.15%
Net Initial Return 3.32% 4.14%
Return on student housingThe 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).
Source: Kences, July 2013
• Currently (including ongoing projects) 2,500 units available;
• Land space for 1,500 additional units, already incorporated in zoning plan;
• Target group: students, short-stayers and graduate students;
• Occupancy 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 valuesUtrecht 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);
• First-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;
• Performance demands of relevant international real estate investment communities.
investment opportunities at Utrecht Science Park
38 deveLoPMentS
USP Projects 2013 - 20181 Danone Nutricia Research (2013).
Room for over 450 employees.
2 P+R De Uithof (2013). 2,000 parking spaces, as well as climbing walls.
3 Expansion of University Medical Center Utrecht (2014 – 2016). Alliance with Antoni van Leeuwenhoek hospital and construction of the Center for Image Guided Oncological Intervention.
4 Joint Environmental Laboratory (2014). Utrecht University, TNO and Deltares combine their expertise to research the influence of human activities on climate, air, soil and water.
5 Expansion of Hubrecht Institute, KNAW (first phase: 2015). 400 new workplaces in Hubrecht Institute and UMC Utrecht.
6 New housing for the Faculty of Geosciences, UtrechtUniversity(2016/2017).17,000m2of new gross floor area.
7 Princess 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).
8 Education Centre of the Faculties of Science and Geosciences, Utrecht University (2015). Replaces the education centre in Went Building.
9 Student housing complex Johanna (2015). 650 student housing units.
10 New 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.
11 National Institute for Public Health and the Environment (RIVM) (2018). Room for 1,450 employees.
12 De Uithoflijn (2018). Tram connection between Utrecht Central Station and Utrecht Science Park (P+R).Thetramreplacesbusline12/12sandhasmuch more capacity.
13USPPavilion(expected2015/2016).Cateringpavilion with a view over the Botanical Gardens.
uSP 2013 - 2018
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1 Danone Nutricia Research (2013)Room for over 450 employees.
2 P+R De Uithof (2013)2,000 parking spaces, as well as climbing walls.
3 Expansion University Medical Center Utrecht (2014 – 2016)Alliance Antoni van Leeuwenhoek hospital and construction ofthe Center for Image Guided Oncological Intervention.
4 Joint Environmental Laboratory (2013)Utrecht University, TNO and Deltares combine their expertisefor research on the influence of human activities on climate, air,soil and water.
5 Expansion Hubrecht Institute, KNAW (first phase: 2015)400 new workplaces in Hubrecht Institute and UMC Utrecht.
6 New housing faculty of Geosciences, Utrecht University (2014)17,000 m2 gross floor area new estate.
7 Princess Máxima Center for Pediatric Oncology (2015)Will open its doors alongside and in collaboration with theUniversity Medical Center Utrecht, the Wilhelmina Children'sHospital and the NKI-AVL (Antoni van Leeuwenhoek).
8 Education Center Faculties of Science and Geosciences,Utrecht University (2015) Replaces the education center Wentbuilding.
9 Student housing complex Johanna (2015)650 student housing units.
10 New Life Sciences Incubator (2015)The LSI is an incubator for start-ups in the field of Life Sciencesand will provide both laboratories and offices.
11 Expansion University of Applied Sciences Utrecht
12 National Institute for Public Health and the Environment(RIVM) (2018) Room for 1,450 employees.
13 De Uithoflijn (2018)Tram connection between Utrecht Central Station and UtrechtScience Park (P+R). The tram replaces the bus line 12/12s andhas much more capacity.
14 USP Pavilion (expected 2015/2016)Catering pavilion with a view over the Botanical Gardens.
15 USP Bilthoven (2013)Development satellite location RIVM terrain.
A Broadening the A27
B Second tram line via the city centre to the Central Station
C Second P+R (transferium) to the west of USP
D Renovation of central area including the Van Unnik building
E Area for business accommodation± 20,000 m2 GFA
F Area for business accommodation± 40,000 m2 GFA
G Area for student accommodation
H Area for student accommodation
I New build / renovation of multifunctional building for shortstay, flexible working and catering.
J Conference facility Universiteitsweg
A
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4 6
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20142016
20162014
2015400
20181.450
2018
20152016
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2013
20162017
2015
2013