£70m student property scheme in offing

STUDENT accommodation specialist Unite Students has acquired a site in the centre of Liverpool which has planning consent for 713 student bedrooms, and has set its sights on a £70m development project.

The site has the potential to be significantly improved and is expected to provide a home for more than 1,000 students, listed company Unite said.

The firm anticipates that the new development will be open in time for the 2019/20 academic year.

The delivery of the scheme will be funded by internally generated sources and will continue to drive the group’s earnings visibility and net asset value growth.

The site is in a prime city centre location adjacent to Unite’s Grand Central property and is in close proximity to the University of Liverpool and Liverpool John Moores University.

Liverpool has a large student population of over 40,000 across four higher education institutions.

Richard Simpson, managing director of property for Unite Students, said: “We are delighted to have acquired this site in Liverpool for delivery in 2019 to add to our existing portfolio in the city.
 
“We will continue our progress on our secured pipeline in regional locations with strong student markets.”

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