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20/11/2020

Unite Students Acquires Development Site In Paddington

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Unite Students has acquired a new 800-bed development site in Paddington, central London.

Contracts have been exchanged on a subject-to-planning basis with current site owner Travis Perkins. Total development costs are estimated to be around £150 million.

The scheme is targeted for delivery for the 2023/24 academic year, subject to planning approval. Discussions are already underway with university partners to support the scheme through planning, with a view to agreeing a long-term nomination agreement for at least half the available beds, including 35% at affordable rents.

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The development will incorporate a range of design features as part of Unite’s transition to net carbon zero for development and operations and target a BREEAM Excellent rating.

Richard Smith, Chief Executive of Unite Students, 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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