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Unite Receives Approval for Bristol Scheme

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite Group has been granted planning permission for its proposed 416-bed student development in Bristol city centre, incorporating the conversion of the former Georgian hospital building into 62 rented residential homes (Old BRI).

The scheme is due to become operational in time for the 2021-22 academic year and Unite is in advanced talks with the University of Bristol for a long-term nomination agreement on the scheme.

These talks form part of a wider University Partnership discussion with the University of Bristol that covers c. 3,000 beds.

This includes a large proportion of Unite's existing operational assets in the city following targeted investments and the Company's 650-bed development in close proximity to the University's new Temple Quarter campus.

The new scheme will generate a development yield of around 6%, reflecting the income visibility delivered through the wider University Partnership.

The rented residential portion of the scheme includes 20% affordable units. Unite will build the residential portion of the development with the option of retaining or disposing of the homes on completion.

Commenting on the project, Richard Smith, Unite Students Chief Executive, said: "Bristol is one of the UK's leading university cities and continues to see strong growth in student numbers. We are delighted to be working towards an exciting partnership with the University of Bristol, which strengthens our long-standing and valuable relationship. Old BRI creates new supply in a city centre location where there is an acute shortage of high quality affordable student accommodation."