UK-based student accommodation developer Unite Students has acquired an 800-bed development site in central London from Travis Perkins, a merchant and home improvement retailer.
The deal to buy builders’ merchant Travis Perkins’ site in Paddington is subject to gaining planning approval.
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The total development cost of the new site is estimated to be approximately £150m.
The developer is only committed to limit the development costs at this stage and also has optionality over a development start date, subject to market conditions.
The development, which is subject to planning approval, is targeted for delivery for the 2023/24 academic year.
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The company is already in discussions with its university partners to support the development through planning, to agree on a long-term nomination agreement.
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By GlobalDataThe scheme will target a BREEAM Excellent rating and will include a range of design features to reduce operational carbon which will support Unite’s transition to net carbon zero for development and operations.
Unite said that the deal represents its second partnership with Travis Perkins after the successful delivery of St Pancras Way in 2014.
Similar to St Pancras Way, the new scheme will also include a new ground floor retail unit for Travis Perkins.
Unite Students CEO Richard Smith said: “Our latest land acquisition means we have now secured c.£175 million of new development opportunities since our recent placing.
“This is a rare opportunity to acquire a zone 1 central London site in an excellent location, which will help to meet the growing accommodation needs of our London-based University partners.
“We remain confident in the growth outlook for London over the next decade, reflecting the global reputation of its Universities and a positive outlook for growth in UK and international student numbers.”
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Unite Students acquires 800-bed development site in London for a new £150m student development. (Credit: Unite Students.)
