Do I depreciate this building?

I am preparing a set of projections for a proposed student accommodation.

Cost of construction of building is £2m.

The building consists of 80 self contained en-suite bedrooms with communal lounge and kitchen areas.

Students will commit to rental of between 40-45 weeks per annum.

Should the property be shown as L&B or Investment Property and what depreciation (if any) would you consider reasonable?