Unite Students has been granted a planning approval to develop a 928-bed student accommodation development in Leeds. The site, located on Merrion Way in the city centre, is close to both the University of Leeds and Leeds Beckett University. The project would increase Unite’s Leeds portfolio to 4,376 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 1,800 beds subject to nominations agreements with Leeds universities.
The development will generate a development yield in line with our target returns and will be funded from internally generated sources. It is expected to be open for the 2020 academic year.
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.
Nick Hayes, Group Property Director, Unite Students said: "Leeds is a strong performing market, with a diverse and growing student population. With two high-quality Universities, we expect demand for quality, affordable student accommodation to grow and this development will help to fulfil that need."