The UNITE Group plc, the UK's leading developer and manager of student accommodation, today announces that it has secured resolution to grant planning consent for its 563-bed development in Camden, London. The scheme represents part of the company's London development pipeline, which plans to deliver an additional 4,000 beds in the capital by 2014.
Located in the heart of Camden, the development is close to several key London universities and benefits from excellent transport links, situated just five minutes from Kings Cross. The proposal has been taken forward in partnership with Travis Perkins (Properties) Ltd who will be provided with a new trading facility at the ground floor of the development once it completes.
Taking into account the new scheme, for which UNITE has agreed funding facilities, the Group has now secured planning permission and funding for 1,900 beds of its target 4,000 London pipeline. A further 900 are secured and awaiting planning permission and the company is confident of securing the remaining 1,200 beds in the second half of 2011.
Commenting on the scheme, Richard Simpson, UNITE's Development Director, said: "The scheme in Camden is a further milestone in our target to substantially expand our presence in the key London market. We expect London to continue to benefit from strong market fundamentals, with the supply/demand imbalance still a key factor, and we expect it to remain the most attractive and thereby resilient destination for UK and international students."