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Unite Group Receives Planning Permission For Development In London

Posted by Richard Ward in , ,

Image courtesy of Flickr, Creative Commons

The Unite Group, which is the largest owner and manager of student accommodation in the UK, has just been given permission for their new development. The permission remains subject to a decision by the Greater London Authority, however, they are expected to give the go-ahead in the next couple of weeks. The plans for the development have the support of Kings College London and are expected to be delivered by the 2021/2022 academic year.

The application has been supported by King's college throughout the planning process, with all parties involved working towards a long-term nomination agreement.

The new development will be located on Middlesex Street, in London, and will house approximately 913 student bedrooms. Nick Hayes, the property director at Unite Group, stated that this is a step in the right direction as 'London is the largest student market in the country but also one of the most difficult in which to deliver new supply'.

The decision to develop in this location is no coincidence by Unite, as their long term goal is to aline their portfolio to locations with the best universities, where student numbers are growing the fastest. This will help ensure high yields on potential investments.

Based on the data we hold at StuRents, we can confirm this is the case. Based on our projections, for London demand is expected to grow by almost 12% more than supply between 2017-2021. This is assuming the market behaviours as it as historically and is of cause based on historical data so assuming student numbers increase in the same fashion as previous years.