Unite Students has exchanged contracts to acquire a new 1,000-bed development site in Stratford, London. At this stage, total development costs are estimated to be in the region of €187.19m (£160m), with the scheme being targeted for delivery in 2025/26, subject to planning approval. The development will be delivered as a university partnership and will help to serve the growing cluster of universities with campuses in east London. Both UCL and University of the Arts London are developing new campuses in Stratford, which are due to attract an additional 10,500 full-time students to the area from 2022/23. Unite Students already has an existing estate of approximately 1,500 beds in the Stratford area.
This announcement further bolsters Unite Students’ investment strategy to invest in prime purpose-built student accommodation locations in London, with a 913-bed scheme in Middlesex Street, Aldgate, already under construction and expected to open in time for the start of the 2022/23 academic year.
A planning application has also recently been submitted for an 843-bed development in Paddington, which will be one of the most environmentally sustainable purpose-built student accommodation blocks in the UK. Construction is expected to get underway on this site in 2022, subject to planning approval.
Nick Hayes, Group Property Director at Unite Students, said: “This announcement builds momentum in our development pipeline and demonstrates our continued confidence - in both the student accommodation sector as a whole and in London as a location. Stratford is a key area for us, given the number of universities looking to develop their campuses there. The project will be delivered through a university partnership. There is also widespread acknowledgement amongst local authorities of the need for new purpose-built student accommodation, to address growing student numbers. We are pleased to help meet this growing demand.”
