View guides

Unite Acquires Development Site in Manchester

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite Group has acquired a development site in Manchester, subject to planning permission.

Situated in Manchester city centre and close to the University of Manchester, once complete the development is expected to accommodate around 450 students.

The acquisition of the site is expected to cost around £41 million and deliver a development yield in line with the group's target level of 8.0-8.5%.

The development will be funded internally and is anticipated to be delivered in time for the 2020 academic year.

The acquisition by Unite takes their total development pipeline to around 7,500 beds and if given the go ahead, will increase Unite's Manchester portfolio to 2,800 beds.

Commenting on the acquisition Richard Simpson, Group Property Director, said: "This acquisition extends our high-quality development programme in a strong regional location where there is growing demand for purpose built student accommodation. Manchester is a thriving student city which we expect to continue to attract high numbers of students. We look forward to working with the local Universities to help meet the strong demand for high-quality student accommodation."