Unite buys London site for £150m student scheme

Aaron Morby 2 years ago
Share

Student accommodation provider Unite has snapped up a central London site for an 800-bed scheme, marking returning developer confidence in the capital.

Bishops Bridge road site in Paddington
Bishops Bridge road site in Paddington

The deal to buy builders’ merchant Travis Perkins’ site in Paddington is subject to gaining planning approval.

Unite today said it would fund the total £150m development costs from the proceeds of its recent equity issue.

The firm stressed it was only committed to limited development costs at this stage and has optionality over a development start date, subject to market conditions.

The scheme is targeted for delivery for the 2023/24 academic year and should deliver a development yield in line with the firm’s enhanced targets for University partnerships in central London.

Discussions are already underway with University partners to support the scheme through planning, with a view to agreeing a long-term nomination agreement.

The development will target a BREEAM Excellent rating and incorporate a range of design features to reduce its embodied and operational carbon, supporting Unite’s transition to net zero development and operations.

The acquisition is Unite’s second partnership with Travis Perkins following the successful delivery of St Pancras Way in 2014 and, like St Pancras Way, the development will incorporate a new ground floor retail unit for Travis Perkins.

Richard Smith, chief executive of Unite Students, said: “Our latest land acquisition means we have now secured £175m 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.”

Latest news

ISG, Amey and Costain now industry’s quickest payers – list

Average payment days from main contractors slips by a day
45 mins ago

Vast £500m British Library expansion go-ahead

London Mayor still needs to give final nod to 800,000 sq ft extension at St Pancras site in London
5 hours ago

Wates names new chief executive

Cork-born Eoghan O’Lionaird to join later this month
4 hours ago

Keltbray director joins Barhale as North East chief

Mark Wood heads operations in Yorkshire and North East England
4 hours ago

Major London City building green deep retrofit approved

St Bride’s Tavern near Fleet Street will be demolished for the building expansion
5 hours ago

Gilbert Ash lands starring role in £38m Welsh theatre revamp

Contractor to start work this year on Theatr Clwyd upgrade
4 hours ago

Property clients to ramp up spending on decarbonising

Survey reveals nearly half of property chiefs plan to speed up spending on net-zero programmes over next twelve months
4 hours ago

Average self employed labour rates top £1,000 a week

Average weekly earnings reach high for skilled trades
1 day ago

BAM wins £49m Harrogate Convention Centre revamp

Local council hopes to sanction work start this autumn
1 day ago

Renaker to top-out Manchester with 71-storey skyscraper

Developer lifts the lid on planned five-building cluster for phase 3 of Great Jackson Street development
1 day ago

Costain bridge lift delayed by ground conditions

National Highways chiefs postpone planned lifting operation
1 day ago

Nexus sells utilities and EV contracting arms for £78m

Group to now focus on remaining business at south east housing civils contractor Tamdown
1 day ago

Speller Metcalfe lands lead role on £40m Tamworth revamp

Town centre to be transformed under ambitious plans
1 day ago

Scaffold boss banned over covid loan abuse

Eleven-year director ban after misuse of £50,000 loan
2 days ago

Gove issues six weeks ultimatum to sign building safety contract

Developers told to sign Government contract issued today or be banned from building homes
2 days ago

Firm fined £120,000 for lifting two builders in a telehandler bucket

Rochdale builder Hoyle Developments fined after repeated safety breaches
5 days ago

Hunt quashes reports HS2 will stop at Old Oak Common

Chancellor says no "conceivable circumstance" where HS2 would not terminate in Central London
4 days ago

London Chiswick roundabout 24-storey tower approved

Plan for 255 flats and offices finally passed after four previous schemes failed to proceed
2 days ago

Construction forecast to fall by nearly 5% this year

Private new build housing and RM&I to drive fall but infrastructure growth will also slow
2 days ago

Mace wins green office block at famous Fleet Street pub site

Contractor to build new 12-storey block pioneering latest sustainable construction methods
2 days ago

Firms readied for raft of net zero and building safety frameworks

Procurement specialist LHC to tender five mission zero retrofit and building compliance deals
5 days ago

Plans in for two Derby city centre schemes of 1300 homes

Eagle Quarter and Bradshaw Way schemes to breathe life into Derbion centre area
5 days ago

United Living names new infrastructure services MD

Former SSE Contracting operations director John Farrell joins multi-service contractor
5 days ago

Sunak promises Bill to build £100m Holocaust Memorial

Holocaust Memorial Bill will update historic legislation allow the building of a new memorial in London
5 days ago

Mace Interiors to transform Hanover Square office block

Refurbishment work to start this year on major revamp of Mayfair building
6 days ago

Garden village in Darlington gets £43m infrastructure cash

Transport and highways work will pave way for 2,000 new homes
6 days ago

Plans in for Lendlease £1.9bn Birmingham Smithfield scheme

Ambitious plans for City's old market area advance with enabling works hoped to start this year
7 days ago

TClarke on track for £500m turnover this year

Building services specialist sees 2022 revenue and profit up by around a third
6 days ago

McAlpine tenders M&E work at £340m Museum of London job

Demolition and first MEPH work packages come out to bid
6 days ago

BAM signs off on £65m Manchester First Street office job

Briggs & Forrester lined up for MEP package
6 days ago

Contractor services