It has exchanged contracts with Portsmouth City Council to acquire a development site, subject to planning. The total development cost of the Chaucer House scheme is expected to be about £30m and the aim is to complete the project by 2018.
Richard Simpson, managing director of property for Unite Students, said: “The acquisition demonstrates our ability to continue to secure high quality sites in line with our target returns. “Unite has a strong understanding of the market in Portsmouth and a very positive working relationship with the City Council which has been built over a number of years. Students continue to be important contributors to the local economy and this new development will help to meet the high demand for student accommodation in the city.”
Councillor Donna Jones, leader of Portsmouth City Council, said: "Providing high-quality managed student accommodation in the city is key to assisting Portsmouth's housing shortage. The more student accommodation we have in the city, the more private family homes will come into the rental market easing overcrowding in the city. Unite are a long term established student accommodation provider and I welcome the development in the city."