Unite Students secures prime site in Coventry – 26 January 2016
Unite Students, the UK’s leading developer and manager of student accommodation, has acquired a development site, subject to planning, in the centre of Coventry. It is envisaged that the site will provide a home for approximately 370 students and is scheduled to be open in time for the 2017/18 academic year.
The scheme is expected to achieve returns in line with Unite’s targets for regional development and the total development cost, including the cost of the land, is expected to be approximately £24 million. The delivery of the scheme will continue to drive the Group’s earnings visibility and NAV growth.
The site is in a prime city centre location in close proximity to the Coventry University campus. Coventry University continues to perform well and has seen UCAS acceptances increase 14% this year. It was named ‘University of the Year’ at the 2015 Times Higher Education Awards and is home to over 25,000 students.
Richard Simpson, Managing Director of Property for Unite Students, commented:
“We are delighted to have acquired a further site in Coventry for delivery in 2017. Coventry University has continued to perform strongly, driving high levels of demand for good quality, well located purpose built student accommodation.”