UK: Student accommodation provider Unite Students has acquired an 800-bed development site in London’s Paddington neighbourhood.
The site, which was bought from builders’ merchants from Travis Perkins, has a target delivery for the 2023/24 academic year, subject to planning consent. Its development costs is expected to be £150 million.
Discussions are underway with local universities for partnership to support the scheme through planning, with a view to agreeing a long-term nomination agreement.
The development will incorporate design features to reduce its embodied and operational carbon, supporting Unite’s ambition to net zero development and operations. It will also include a new ground floor retail unit for Travis Perkins.
Unite chief executive Richard Smith said: “Our latest land acquisition means we have now secured £175m 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.”
