Unite Students has finalised its joint venture with Manchester Metropolitan University to deliver 2,302 new student beds.
The redevelopment of Cambridge Halls forms part of the university’s wider plan to create a modern campus for its 44,000 students.
The funding structure of the £390m partnership will see Unite Students act as developer, asset manager and operator. Unite Students will hold a 70% stake in the venture, allowing the university to focus its resources on teaching, research and student support.
The redeveloped site will provide a range of different room types, including a mix of cluster and studio flats, and a variety of amenities such as a rooftop exercise area, sports pitches and an allotment.
Joe Lister, chief executive of Unite Students, said: “We’re thrilled to finalise our joint venture partnership with Manchester Metropolitan University and look forward to seeing the development begin to take shape this year. This new property will deliver modern, sustainable on campus accommodation that meets the needs and expectations of today’s students. By substantially increasing the number of beds at Cambridge Halls, we’re also playing our part in freeing up privately rented homes for local families and young professionals.”
Andrew Fallon, chief property officer at Manchester Metropolitan University, said: “Finalising this joint venture will provide much needed additional purpose-built student accommodation in Manchester, right on the doorstep of our university. The redevelopment of Cambridge Halls marks an important milestone in our commitment to providing a truly modern campus for our students, colleagues and the community. We look forward to continuing our work with Unite Students to bring these benefits to life.”
