Unite Students secures prime site in Coventry
Unite Students, the UK's leading developer and manager of student accommodation, has acquired a development site, subject to planning, in the centre of Coventry. It is envisaged that the site will provide a home for approximately 280 students and is scheduled to be open in time for the 2017/18 academic year.
The scheme is expected to achieve returns in line with Unite's targets for regional development and the total development cost, including the cost of the land, is expected to be approximately £13 million. The delivery of the scheme will continue to drive the Group's earnings visibility and NAV growth.
The centrally located site is adjacent to an existing Unite property, which has performed strongly since opening in 2007, and once complete will be part of a 1,000 strong student complex on the doorstep of the University. Coventry University continues to perform well, moving up 19 places in The Times and Sunday Times Good University Guide 2015 to number 42, and is home to over 24,000 students.
Richard Simpson, Managing Director of Property for Unite Students, commented:
"We are delighted to have secured another excellent site in a strong regional location in line with our development strategy. Our properties in Coventry have performed well over the last ten years and this new property will help meet the growing demand for student accommodation in the city."