Unite Students secures planning approval for Portsmouth development – 08 September 2014
Unite Students, the UK’s leading developer and manager of student accommodation, has received resolution to grant planning approval for the development of a 0.8 acre site in Portsmouth city centre. The site will provide a home for 836 students and completion is anticipated in time for the 2016/17 academic year.
The Greetham Street site is being acquired from Portsmouth City Council. The development represents a £42 million investment, and is projected to have a development yield of 9.5% in line with Group target levels and will add c5p to NAV and 1.5p to EPS.
Unite Students have operated in Portsmouth for 10 years and have three properties that provide a home for 1,400 students studying at The University of Portsmouth (UOP). Ranked 55 by The Times University league table, the city has one of the lowest supply ratios of purpose built student accommodation from the 23 cities Unite Students operate in. Unite is working closely with the local community, Portsmouth City Council and UOP to help accommodate a large and growing number of students studying in the city.
As part of Unite Students’ commitment to provide a home for success for all students living with them, plans for the development include designated areas for private study, and generous communal space for students to socialise in. Students will benefit from features such as LED lighting, high speed 20Mb Wi-Fi and fortnightly cleaning for kitchens and communal areas within shared flats, all designed to help enhance students’ learning and living experience, so they can achieve more from their time at university.
Richard Simpson, Managing Director of Property for Unite Students, said:
“We are very pleased to have received planning for this development in a prominent city centre location in Portsmouth. The acquisition forms part of our regional development strategy where there is a growing demand for student accommodation. This year we have seen university applications continue to outstrip available places and there is a growing need for safe, secure purpose built student accommodation.
“The site is ideal for University of Portsmouth students, being close to campus and will provide a safe and modern home that supports students’ success.”