Unite Students, the owner, manager and developer of student accommodation, has acquired a consented 270-bed development site in Nottingham city centre.
Total development costs for the scheme, which will open for the 2024/25 academic year, are estimated to be £34 million.
Unite already owns and manages c.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 700-bed consented development at Derby Road, due for delivery in 2023.
The development will increase Unite’s presence in Nottingham city centre, adding to Curzon House, which was acquired as part of the Liberty Living portfolio in 2019.
The newly acquired site is on Lower Parliament Street in the heart of the city centre, close to Nottingham Trent University’s campus as well as the University of Nottingham’s planned city centre campus development for final-year and postgraduate students.
Nick Hayes, group property director of Unite Students, said: “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 £800 million, its highest ever level, and we continue to see opportunities to add further schemes in London and prime regional markets at attractive returns.”