Serviced accommodation is a relatively new but highly promising strategy. Demand for short term housing is outstripping supply, with businesses and contractors waking up to the need for high-quality, short-term accommodation.
What is serviced accommodation?
Normally, serviced accommodation includes a sleeping, living, bathroom and kitchen area roughly comparable to an apartment. Some might include other facilities such as an office area, small gym and utility room.
Lets might be short, medium or longer term. Target customer segments often include the corporate sector and private individuals. Tourism is typically a lesser component.
Why might serviced accommodation be a good investment?
Serviced accommodation is the fastest growing area of the hospitality market, rapidly outstripping hotel growth. The reasons are partly to do with cost-effectiveness for corporate clients moving personnel around but also with the greater sense of home-away-from-home that guests associate with such apartments when compared to large impersonal hotels.
As tenants are charged nightly rather than monthly, it appeals to people who are looking to stay in an area for a certain period of time. This is a relatively new market and having the assistance of experienced expert consultants is highly advisable.
How can Borland Property help?
Our experts have extensive experience in this segment of the market.
We can help you to move quickly towards your goals and objectives. That includes helping clients looking to expand their existing property portfolios. Just a sample of our services includes:
- Identifying targets for larger investments, including hotels, B&Bs or HMO’s
- Helping with due diligence research
- Assisting in property acquisition
- Putting into place property management services as part of your development of a serviced accommodation proposition.