UK-based student accommodation developer and manager Unite Students has acquired a new 800-bed development site in Paddington, central London from Travis Perkins.
The company said total development costs are estimated to be c.£150 million. The scheme is targeted for delivery for the 2023/24 academic year, subject to planning approval.
”Discussions are already underway with university partners to support the scheme through planning, with a view to agreeing a long-term nomination agreement for at least half the available beds, including 35% at affordable rents,” said the company in a statement.
“Our latest land acquisition means we have now secured c.£175 million of new development opportunities since our recent placing. This is a rare opportunity to acquire a zone 1 central London site in an excellent location, which will help to meet the growing accommodation needs of our London-based University partners. We remain confident in the growth outlook for London over the next decade, reflecting the global reputation of its Universities and a positive outlook for growth in UK and international student numbers,” said Richard Smith, Chief Executive of Unite Students.