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Unite Purchase Development Site in London

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite Students has purchased a development site next to Wembley for £102 million with plans to deliver hundreds of student beds.

The site already benefits from planning permission for 678 student beds and Unite hope to have the accommodation constructed in time for the 2020-21 academic year.

Commenting on the deal, Unite's chief executive, Richard Smith said: "London is a hugely attractive city for students, and that is always going to remain so."

The company has also posted its half year results for the six months ending 30 June 2018. For the six-month period Unite posted profit before tax of £142.5m, up 70% year-on-year. Reservations for 2018-19 stand at 91%, similar to last year and supports rental growth estimates of 3.0-3.5%.

Nomination agreements with Universities now represent 60% of all accommodation, up from 59% in 2017, and carry an average remaining life of six years.

For the 2018-19 academic year the company will manage a total of 52,000 beds, with a value of £5.0 billion.

Commenting on the results, Richard Smith, said: "As the UK's largest provider of this type of accommodation, we have unparalleled insights into the needs of today's students which allows us to constantly enhance the service we provide. Our continued focus on excellent customer service for both students and Universities supports reservations of a record number of beds, with 91% of beds already reserved for the 2018/19 academic year and like-for-like rental growth expected to be within our target of 3.0-3.5%."