Unite Students has exchanged contracts to acquire a development site in Leeds
Student accommodation developer Unite Students has exchanged contracts to acquire a development site in Leeds on a subject to planning basis.
The site, acquired from Regional REIT, is located in the city centre near to the University of Leeds and Leeds Beckett University, and could accommodate more than 1,000 students.
The total development cost is expected to be around £80m and will be funded from internally-generated sources. The new building is expected to be open for the 2020 academic year and deliver a yield on cost of 8%. Regional REIT achieved a significant mark-up on the site, having acquired it in 2016 for just £1m before this £10m sale …