New 800-bed development in Glasgow
Unite Students, the UK’s leading owner, manager and developer of student accommodation, today announces that it has entered an option agreement to acquire a new 800-bed development scheme in central Glasgow, subject to planning.
The new development will help address the acute shortage of student accommodation in Glasgow, which is home to three institutions within the UK’s top 75 universities, and increases Unite’s portfolio in the city to 3,000 beds. The Group expects to deliver the scheme as a university partnership with at least half of the beds to be let on a multi-year nominations agreement to a leading university.
The scheme has a total development cost of £95 million and is expected to deliver a yield on cost of around 7.5%. Planning approval is targeted during H1 2024, enabling delivery for the 2026/27 academic year. The Group expects to fund the project from capital recycling through disposals …