Described as ‘the most expensive and luxurious student digs ever unveiled in London and marketed to overseas students’, Fountain House on Park Lane in Mayfair, consists of six super-luxury apartments, five with two bedrooms and a single three-bedroom triplex residence.
Overlooking Hyde Park, the ‘student digs’ are being marketed by Mayfair agent Wetherell to wealthy overseas students, and are available from £2,250 per week, rising to £5,250 per week (£21,000 per month, £252,000 per year) for the largest flat. Already 80% of the enquiries for the six Park Lane pads have come from international students.
Meanwhile, a report from lettings specialist EJ Harris reveals that there are over 107,000 international students studying in London, contributing £600m in rental income to the capital’s rental market.
The majority of overseas students typically pay £500- £600pw for a two-bedroom apartment in Notting Hill, South Kensington, Shepherds Bush or Bayswater. However, the wealthiest Chinese, Russian and Malaysian students seek out top addresses in Mayfair, Knightsbridge and South Kensington, typically spending up to £1,500pw (£6,000pm, £72,000pa) – some three times the average UK wage of £26,500pa.