Student accommodation specialist Unite Students has acquired a site for a 270-bed scheme in one of the country’s biggest academic centres, Nottingham.

Total development costs for the scheme, which will open for the 2024/25 academic year, are estimated to be £34m and the direct-let development is expected to deliver a yield of seven per cent.

Unite already owns and manages around 1,900 student accommodation beds in Nottingham with a further 970 beds to be added in the city across the new city centre site and the company’s separate 700-bed consented development, due for delivery in 2023. 

Nottingham is home to two universities serving 64,000 full-time students and has seen a 20 per cent increase in students seeking accommodation in recent years.

Nick Hayes, group property director of Unite Students, says: “Through this opportunity we are able to cater for the increased number of students wanting to attend the University of Nottingham and Nottingham Trent University, both located in a growing regional city. 

“This commitment increases our secured pipeline to over £800m, its highest ever level, and we continue to see opportunities to add further schemes in London and prime regional markets at attractive returns”.