Unite Students acquires new site in Birmingham – 19 May 2016
Unite Students, the UK’s leading developer and manager of student accommodation, has exchanged contracts to acquire a new development site in central Birmingham on a subject to planning basis. The site will eventually provide a home for approximately 600 students, subject to obtaining the necessary consents.
Total development costs, including the cost of the land, are expected to be c.£40 million. The project is expected to achieve returns in line with Unite’s target for regional development and is anticipated to be delivered by 2019. The project will be funded by internally generated sources.
The site is in the heart of Birmingham city centre, very close to Aston University and a short walk from Birmingham City University who together educate over 28,085 full-time students.
The development is adjacent to an operational Unite building and will increase the number of Unite beds in Birmingham to around 3,300 across five properties providing an opportunity to deliver operational efficiencies and further strengthen relationships with local universities.
Richard Simpson, Managing Director of Property for Unite Students, commented:
“This central Birmingham site fulfils our criteria for growth and investment returns in a strong, regional location and we are delighted to have exchanged contracts to acquire it.
Birmingham is a thriving university city and home to four Higher Education providers, offering a wide range of highly respected courses. When complete, the new property will provide a safe and secure home for the growing number of students attracted to Birmingham.”
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