Unite Group acquires new 800-bed development site in central London
Unite Group has bought a new 800-bed student housing development site in Paddington, central London, from Travis Perkins.
The acquisition is subject to planning, and total development costs are estimated at around £150 million (€168 million/$199 million). The scheme is targeted for delivery for the 2023/2024 academic year, subject to planning approval.
Amid the COVID-19 pandemic, Unite leased 88 percent of its available accommodation for the current academic year, down 10 percent on the previous year. The firm added that 80 percent of students renting rooms had now checked in, with the remaining 8 percent expected to do so in January.