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".
Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.
.jpg)
%20(002).png)
.png)
Join the conversation
Jump to latest comment and add your reply
Unfortunately for students the 7% yield on these blocks will equate to more than their entire maintenance loan!
We are producing a whole generation of students who will live the next 25 years under the shadow of debt whilst the building companies line their pockets at the expense of them and the tax payer.
Students really need to ask themselves is that degree I'm going to be paying for going to be any use to me in the big outside world, many should not be at uni they should be out to work learning on the job
Tricia - totally agree, and I'm a student landlord! Trouble is that they are conditioned to totally ignore the debt, the attitudes that I encounter are astonishing.
£20 billion per annum being borrowed at the moment, current outstanding loans £140 billion, forecast to be in excess of half a trillion by 2050 - and that's at today's rates so will be well in excess of 1 TRILLION at 2050 rates. Scandalous doesn't come close to describing it
Please login to comment