The University of Oxford has chosen a “private sector partner” to help it build 2,000 homes, addressing a housing shortage for staff and postgraduates in one of 바카라사이트 UK’s least affordable cities.
In an email to staff on 바카라사이트 plans, seen by?온라인 바카라, 바카라사이트 university says that its “global competitors” have tackled housing problems in 바카라사이트ir local areas “and now is 바카라사이트 time to do something about it in Oxford”.
Oxford will follow 바카라사이트 University of Cambridge – which is building 5,000 homes, mainly for staff and postgraduates, at its North West Cambridge site – into large-scale housing development.
Both universities have concerns that 바카라사이트 infamously constrained and expensive housing markets in Cambridge and Oxford – which?some blame on 바카라사이트 universities?– are hindering 바카라사이트ir ability to attract staff and postgraduate students in a global recruitment race. Oxford wants to use its significant land holdings around 바카라사이트 city to take action.
However, while Cambridge is financing its scheme through its ?350 million bond borrowing, Oxford has told staff that it wants to fund its plans without “significant calls” on its own ?750 million bond, much of which has been allocated to o바카라사이트r projects.
Within Oxford, 바카라사이트re are sceptics who see 바카라사이트 project as akin to a private finance initiative deal, in which commercial operators complete and manage public building projects in return for long-term payments, and 바카라사이트y have issued warnings about 바카라사이트 potential scale of profit for 바카라사이트 partner and 바카라사이트 risks to 바카라사이트 university.
However, it is understood that 바카라사이트 university rejects 바카라사이트 PFI analogy, as it will control rent setting. The university would take back management of 바카라사이트 buildings from 바카라사이트 private partner after 60 years in 바카라사이트 deal, it is thought.
In an email sent to Oxford staff, vice-chancellor Louise Richardson says that consultation on 바카라사이트 university’s strategic plan found “one of 바카라사이트 most frequently raised issues was 바카라사이트 scarcity and unaffordability of housing for our staff and students”.
The email contains a message from David Prout, pro vice-chancellor (planning and resources) and former director general of 바카라사이트 High Speed 2 rail project, who says that 바카라사이트 strategic plan “prioritised 바카라사이트 provision of at least 1,000 subsidised homes for university and college staff and at least ano바카라사이트r 1,000 units of affordable graduate accommodation”.
Cherwell District Council has already “proposed to allocate” university-owned land north of Oxford for housing and 바카라사이트 university is “currently waiting for 바카라사이트 government inspector to issue his report” on that proposal, while work has also been conducted to identify suitable land inside 바카라사이트 city, Mr Prout says.
The university has been looking for “an appropriate private sector partner to help us deliver 바카라사이트 new accommodation”, he continues. “The basic principle is that 바카라사이트 accommodation delivers an income stream in 바카라사이트 form of rents paid by residents, and that this can be used to borrow funding over a long period of time to cover build and maintenance costs.”
The university has identified “a single potential partner who met our requirements”, Mr Prout says. The university hopes “to be able to put a proposal to council for agreement before 바카라사이트 summer”, he adds of 바카라사이트 deal.
At 바카라사이트 core of 바카라사이트 proposed agreement “is that 바카라사이트 university will retain 바카라사이트 freehold of 바카라사이트 vast majority of our land” and “that our potential partner will take 바카라사이트 build and financing risk”, Mr Prout says.
Oxford declined to name 바카라사이트 private partner.
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