Student Developments Driving Out Coventry's Businesses
20th Jul 2018
Unite Students has received planning permission to build a 573-bed student accommodation scheme in Manchester city centre.
The company now has a development pipeline due to be delivered in the next three years of 6,500 beds, which the company says provides further visibility in its earnings growth outlook and builds on its strategy to work in partnership with mid to high-ranking universities.
The new development site is located in New Wakefield Street close to the University of Manchester and Manchester Metropolitan University. It also sits in an established area for student accommodation.
Unite has five properties in Manchester already, providing 2,300 bed spaces, which will grow to 2,900 on completion of the new scheme.
The building is due to open in time for the 2020-21 academic year and the total development cost of the scheme is expected to be circa £50 million. The development will be financed through internal resources and is expected to achieve a yield on cost of 8% and to contribute to 1p per share to EPRA earnings once complete.
Commenting on the approved application, Richard Simpson, Group Property Director of Unite Students, said: "Manchester has the largest student population in the UK after London with two high quality universities, making it a strong market for Unite Students. We are very proud to build on our presence in such a fantastic city."
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