Unite snaps up Leeds site for £80m student scheme

Student rooms developer Unite has bought a development site in Leeds city centre for a 1,000-bed scheme.

The planned project, located near to the University of Leeds and Leeds Beckett University, will cost £80m to build and is expected to be open for the 2020 academic year.

Unite paid £10.5m, subject to planning for the Symons House on Belgrave Street, next to Select Group’s proposed student scheme. It plans to build a 17 storey block with an L-shaped footprint.

Seymour House redevelopment team includes Clancy Consulting as building services engineeer and architect Cunniff Design.

The site’s owner, Regional REIT, will make an £9m profit when the deal completes.

The transaction reflects Unite’s strategy of aligning its property portfolio with high-ranking universities where student numbers are growing whilst underpinning further earnings growth and visibility.

The site would increase Unite’s Leeds portfolio to 4,470 beds, serving a student population of 58,000, and further enhancing Unite’s operating efficiency in the city. In the last five years, Unite’s occupancy in the city has been 99% with over 1,200 beds subject to nominations agreements with Leeds universities.

Richard Simpson, Group Property Director, Unite Students said: “Leeds is a strong performing market with two high quality Universities. Unite has maintained a 99% occupancy rate in the city over the past five years, signalling we have room to expand and there is demand for the quality, affordable student accommodation we provide.

“We are confident the site in Leeds – subject to planning approvals – will be a great addition for Leeds’ growing number of students.”

from Construction Enquirer http://www.constructionenquirer.com/2017/11/10/unite-snaps-up-leeds-site-for-80m-student-scheme/

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