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Fri October 23 2020

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Unite plans construction of £175m-worth of new student accommodation

14 May 10 Student accommodation specialist Unite is planning the construction of a further £175m-worth of new developments.

Student accommodation specialist Unite is planning the construction of a further £175m-worth of new developments.

The firm will build its first student accommodation outside London, one in Reading and one in Glasgow. Both have received planning permission for a total of 1,000 rooms.

Mark Allan, chief executive, said: “Our development pipeline continues to grow and sites in London capable of providing up to 2,300 beds have now been secured under contract, option or lock-out agreements for delivery before 2014.

“In addition, we have started with two further schemes totalling 1,000 beds that will complete in 2011.”

Allan believes the student accommodation market will continue to grow despite looming higher education funding cuts.

“The growth in student numbers over recent years has exceeded the new supply of purpose built accommodation creating an ongoing demand/supply imbalance,” he said.

“In-built growth considerably exceeds the current supply pipeline of beds under construction in the UK of approximately 9,000 beds.”

“The fundamentals of the student accommodation sector remain strong.”

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