Acquisition of new development site in central London – 20 November 2020
Acquisition of new development site in central London
Unite Students, the UK’s leading owner, manager and developer of student accommodation, today announces the acquisition of a new 800-bed development site in Paddington, central London.
Contracts have been exchanged on a subject-to-planning basis with current site owner Travis Perkins. 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.
The development will incorporate a range of design features as part of Unite’s transition to net carbon zero for development and operations and target a BREEAM Excellent rating.
At this stage, Unite is only committed to limited development costs and has optionality over a development start, subject to market conditions.
The acquisition is Unite’s second partnership with Travis Perkins following the successful delivery of St Pancras Way in 2014. As with St Pancras Way, the development will incorporate a new ground floor retail unit for Travis Perkins.
Richard Smith, Chief Executive of Unite Students, said:
“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.”
For further information, please contact:
Unite’s press office:
+44 7754 749 301