Unite Students has exchanged contracts to acquire a development site, subject to planning, in Sheffield city centre. It should provide a home for approximately 570 students when completed in autumn 2019.
The £35m total development cost includes the cost of the land. It will be Unite’s ninth property in Sheffield, where it owns and manages 4,300 student rooms, which represents close to 10% of the city’s entire 48,000 student population.
Unite Students’ development pipeline now stands at more than 5,500 beds.
Group property director Richard Simpson said: “This acquisition extends our high-quality, development programme in a strong regional location where there is growing demand for purpose built student accommodation. Sheffield is a key city for Unite and we will be able to drive efficiencies from our scale and enhance services to our customers and university partners.”
He added: “We continue to see good opportunities to secure land alongside leading regional Universities to supplement our development pipeline for delivery in 2019 and 2020.”