Unite Students acquires new site in Stratford, London
Unite Students, the UK’s leading provider of student accommodation, has completed the acquisition of Jubilee House, in Stratford, for £73million.
The existing office building full planning consent for a 36-storey scheme, providing 716 beds for students.
The development in Farthingale Walk, Stratford, London, will also incorporate 65,000 sq ft of academic space, which will be occupied by the London Academy of Excellence (LAE) for an initial 35-year term, through the Secretary of State for Levelling Up, Housing and Communities.
Work is expected to begin on the scheme in the second quarter of 2023, with total development costs estimated at £185 million. The student accommodation element of the scheme is scheduled for completion in time for the 2026/27 academic year.
The student accommodation is being delivered as a university partnership, with the majority of the beds to be let to a London university under a deal known as a nomination agreement.
London, which is home to over 300,000 students, hosts three of the world’s top 25 universities. Unite Students is the capital’s leading student accommodation operator and is committed to adding more beds. It currently operates just over 12,500 beds in London and partners with leading universities to ensure around half of those beds are guaranteed through nominations agreements.
Joe Lister, Unite Students’ Chief Financial Officer, said:
“This is an exciting opportunity in a great location, where we already provide homes to over 2,000 young people, and underpins our ongoing commitment to help meet London’s much-needed student accommodation demands.
“We are also proud to support a new collaboration with the London Academy of Excellence. Complementing our own values, the LAE is dedicated to supporting students, particularly those from less-advantaged backgrounds, in securing places at some of the UK’s best universities.”
Unite Students acquired Jubilee House from Schroders Capital UK Real Estate Fund (SCREF).
Rob Cosslett, Fund Manager for Schroders Capital, added:
“We are delighted to complete the sale of Jubilee House to Unite, following the combined efforts of our team and development partners to secure planning permission at the site, alongside an agreement for lease with the London Academy of Excellence. The conversion of Jubilee House into student accommodation is set to be an exciting project which perfectly suits the needs of the surrounding community.”
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For further information, please contact:
Unite press office Tel: +44 117 450 6300
Justin Griffiths / Victoria Heslop Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK’s largest owner, manager and developer of purpose-built student accommodation, serving the country’s world-leading Higher Education sector. We provide homes to 70,000 students across 156 properties in 23 leading university towns and cities. We currently partner with over 60 universities across the UK.
Our people are driven by a common purpose: to provide a ‘Home for Success’ for the students who live with us. Unite’s accommodation is safe and secure, high quality and affordable. Students live predominantly in ensuite study bedrooms, with rents covering all bills, insurance, 24-hour security and high-speed Wi-Fi. We also achieved a five-star British Safety Council rating in our last audit.
We are committed to raising standards in the student accommodation sector for our customers, investors and employees. This is why our new Sustainability Strategy, launched in 2021, includes a commitment to become net zero carbon across our operations and developments by 2030.
Founded in 1991 in Bristol, Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange and a member of the FTSE 100 Index. Unite is invested in and operates two specialist funds and joint ventures with institutional investment partners: the £3 billion Unite UK Student Accommodation Fund (USAF) and the £2 billion London Student Accommodation Vehicle (LSAV).
For more information, visit:
Unite’ Students’ corporate website www.unitegroup.com
The student site www.unitestudents.com