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Unite Acquires 1,000-bed Site in Leeds

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

Unite Students has exchanged contracts to acquire a development site in Leeds on a subject to planning basis.

The site is located close to the University of Leeds and Leeds Beckett University. The scheme is expected to cost around £80 million and once developed will be able to accommodate over 1,000 students.

The building is being financed by internally generated sources and is expected to deliver a yield on cost of 8%.

Commenting on the acquisition, Richard Simpson, Group Property Director for Unite Students, said: "Leeds is a strong performing market with two high quality Universities. Unite has maintained a 99% occupancy rate in the city over the past five years, signalling we have room to expand and there is demand for the quality, affordable student accommodation we provide. We are confident the site in Leeds - subject to planning approvals - will be a great addition for Leeds' growing number of students."

The building is expected to become operational in time for the 2020-21 academic year.