Unite Students has entered into a joint venture framework agreement with Manchester Metropolitan University for the development of 2,300 new student beds at the university’s Cambridge Halls site in Manchester city centre.
Unite will hold a 70% stake in the JV and act as a developer, asset manager and operator. Construction is due to start next year and the company will deliver the beds in 2029 and 2030. The total development cost of the project is anticipated to be circa £390m.
Andrew Fallon, chief property officer at Manchester Metropolitan University, said: “We are delighted to announce our partnership with Unite Students for the redevelopment of Cambridge Halls. This joint venture will provide much needed additional purpose-built student accommodation in Manchester, right on the doorstep of our University. The project will not only enhance the quality of housing for students, but also benefit the surrounding community through new health, wellbeing, and retail offerings.”
Joe Lister, chief executive officer at Unite Students, added: “Partnering with Manchester Metropolitan University to redevelop Cambridge Halls and deliver much needed, high-quality and affordable accommodation for 2,300 students is a hugely exciting step for Unite Students. Our joint venture partnership will provide further support to Manchester Metropolitan University in meeting their accommodation needs at a time of real housing shortage, so they can focus on providing a world-class experience for their students.
“Unite Students is uniquely positioned to help address the shortage of student homes. Our second university partnership underlines the growing attractiveness of our offer to university partners as they seek to unlock the potential of their campuses to deliver new accommodation and access funding. This has the added benefit of freeing up privately rented houses in the community for families.”
