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Unite Group gets planning approval for Leeds development
Unite Students said on Thursday that it has been given planning approval for a 928-bed student accommodation development in Leeds.
The site, which is located on Merrion Way in the city centre - close to both the University of Leeds and Leeds Beckett University - would increase Unite's Leeds portfolio to 4,376 beds, serving a student population of 58,000.
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.
Unite said the development will generate a development yield in line with its 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.
Group property director Nick Hayes 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."