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Unite Snap up London Development Site

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite Students has exchanged contracts to purchase a new 1,000 bed development site in London. The acquisition is subject to achieving planning approval and is being supported through the planning process by Kings College London, with a view to securing a long-term nomination agreement.

The development site is situated in Middlesex Street, with the scheme planned to open in time for the 2021-22 academic year.

Total development costs are thought to be around £195 million, with a yield of around 6.25%, in line with the company's target for University Partnership transactions.

Commenting on the purchase, Richard Smith, CEO of Unite Students, said: "This is our first major development in London since 2013 and represents an important return to the City with the support of one of the UK's leading Universities. This reflects our strategy of building long term partnerships with the UK's top universities in strategically important locations where there is a shortage of affordable, high-quality student accommodation."