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Unite Acquires 270-bed Development Site in Nottingham

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite has acquired a 270-bed development site in Nottingham.

The consented scheme is due to open in time for the 2024-25 academic year, with total development costs estimated to be £34 million.

The project is expected to deliver a yield on cost of 7%, reflecting the lower risk associated with a project with planning permission already secured.

Unite already owns and manages c.1,900 beds in Nottingham, with an additional 970 units to be added in the city via the newly acquired scheme, as well as the company's 700-bed project in Derby Road.

According to the company, the new development is in a prime location on Lower Parliament Street, close to the Nottingham Trent University's campus, as well as the University of Nottingham's planned city-centre campus development for final-year and postgraduate students.

Commenting on the announcement, Nick Hayes, Group Property Director, said: "Through this opportunity, we are able to cater for the increased number of students wanting to attend the University of Nottingham and Nottingham Trent University, both located in a growing regional city. This commitment increases our secured pipeline to over £800 million, its highest ever level, and we continue to see opportunities to add further schemes in London and prime regional markets at attractive returns."