Unite Students has agreed an option to acquire a new 800-bed student accommodation scheme in central Glasgow with a total development cost of £95m, subject to planning.
Unite said it expects to deliver the scheme as a university partnership with at least half of the beds to be let on a multi-year nominations agreement to a “leading university”.
The group is hoping that planning approval will be received in the first half of next year with delivery in time for the 2025/27 academic year. The project will be funded from capital recycling through disposals.
Michael Burt, investment director at Unite Students Group, said: “Our latest development will create new supply of high quality, affordable student accommodation in Glasgow to support the continued growth of our university partners. We are also making good progress in delivering the two new developments funded from the proceeds of our recent capital raise. Our development pipeline now totals 5,600 beds in the strongest university cities, as we work to address the urgent need for new student housing at a time when the private rental sector is in retreat.”
