Unite Students has secured planning approval for a 952-bed purpose-built student accommodation (PBSA) scheme in Stratford, East London, and a 500-bed scheme in Bristol.
The Stratford development (pictured), which is located near Westfield Stratford City shopping centre, features a 41-storey tower and includes 1,151 sq m (circa 12,300 sq ft) of workspace and retail space.
The scheme, which will offer 333 beds at affordable rents, has secured approval with conditions and Unite is targeting a completion date of 2028 for the development. Unite is in the process of confirming a long-term agreement with University College London (UCL) for its students to let the majority of the beds.
The group’s Freestone Island development in Bristol’s Temple Quarter has total development costs of £73m and is set to open in 2026. The new development will provide 4,500 sq ft of affordable workspace and will be BREEAM Excellent and EPC A-rated. Unite is working in partnership with the University of Bristol through a nomination agreement on the property, which will guarantee rooms for the university’s students.
Tom Brewerton, group development director at Unite Students, said: “Unite Students is leading the purpose-built student accommodation sector and these London and Bristol developments are unique offerings in their respective cities – two cities where we already have a strong footing and are committed to investing in further. We are excited to get started with construction in the swiftest possible timescale. It is fantastic to have received approval at planning committee for this exciting new Stratford development that will positively contribute to the area’s changing skyline.
“Bristol is one of the most undersupplied markets in the UK for purpose-built student accommodation and our Freestone Island project provides Unite Students with the opportunity to grow further in the city by providing high quality, value for money rooms for our students and university partners. We are trusted by parents, students and universities to provide quality, safe and affordable accommodation that supports the entire university experience and are committed to delivering our record development pipeline to meet this demand.”
In a trading update released earlier today, Unite Students said it had sold 86% of beds for the 2024/25 academic year, down on the record reservation rate of 90% recorded for the 2023/24 academic year.
Joe Lister, chief executive officer of Unite Students, said: “Student demand is strong for the 2024/25 sales cycle, reflecting the continued appeal of our fixed-priced, all-inclusive offer and a growing shortage of high-quality student homes. Together with our alignment to the UK’s strongest universities, this supports a positive outlook for rental growth for the 2024/25 academic year and underpins our property valuations.
“We continue to progress the delivery of our record £1.3bn development pipeline, securing planning approvals on two schemes in London and Bristol. These projects will deliver much needed new student homes in two of the UK’s strongest university cities.”
