Unite Students, the UK’s leading developer and manager of student accommodation, has acquired a development site in the centre of Liverpool which has planning consent for 713 student bedrooms. The density of the site has the potential to be significantly improved and is expected to provide a home for over 1,000 students. It is anticipated that the new development will be open in time for the 2019/20 academic year.
The scheme is expected to achieve returns in line with Unite’s target for regional development and the total development cost, including the cost of the land, is expected to be approximately £70 million. The delivery of the scheme will be funded by internally generated sources and will continue to drive the Group’s earnings visibility and NAV growth.
The site is in a prime city centre location adjacent to Unite’s Grand Central property and is in close proximity to the University of Liverpool and Liverpool John Moores University. Liverpool has a large student population of over 40,000 across four higher education institutions.
Richard Simpson, Managing Director of Property for Unite Students, commented:
“We are delighted to have acquired this site in Liverpool for delivery in 2019 to add to our existing portfolio in the city. We will continue our progress on our secured pipeline in regional locations with strong student markets.”