Planning approval

RNS Number : 6255C

Unite Group PLC

19 March 2014

 



Press Release 19 March 2014

UNITE SECURES PLANNING APPROVAL FOR NEW 260,000 SQ FT STUDENT

ACCOMMODATION DEVELOPMENT IN PRIME LONDON LOCATION

UNITE, the UK's leading developer and manager of student accommodation, announces it has received planning approval for the development of a new student property in Islington, London comprising circa 900 beds. The 260,000 square foot scheme has a forecast total development cost of £93 million and yield on cost of 8.8%.

The central London, 1.4 acre site on Holloway Road, was acquired from London Metropolitan University in 2013, subject to planning. It is situated in a highly desirable location with excellent transport routes to London's top universities. The development will help regenerate the area through the provision of community space and commercial units for local businesses on the ground floor, with competitively priced and well managed student accommodation above.

The project is planned to be developed by The London Student Accommodation Vehicle (LSAV), UNITE's 50:50 joint venture with GIC. The property in Islington alongside Wembley Park and Angel Lane in Stratford achieve 60% of LSAV's target pipeline. The project is targeted for completion in the summer of 2016.

Richard Simpson, Managing Director of Property, said:

"We are delighted to have secured planning for this development in such a central London location. Islington is a vibrant, diverse part of the capital, popular with students and provides access to London's many leading academic institutions.  

"There is a significant shortfall of student accommodation in London which puts pressure on the residential housing market. This new development will not only help alleviate that, but will also contribute to the regeneration of one of London's oldest boroughs and represents an important milestone in our development strategy."

The new development will be built to UNITE's latest specification room design which provides a modern, high quality look and feel, at a very competitive price point for London students. The accommodation will contain a mix of shared flats, with communal living and kitchen spaces, and self-contained studios. The plans also include common areas and study rooms interspersed with the accommodation, as well as a courtyard and several terraces, all designed to enhance the student experience, providing an environment that encourages success.

ENDS

For further information, please contact:

The UNITE Group plc Sally Quigg, Head of Corporate Communications Rebecca Murch, Corporate Communications Manager	Tel: [phone] Tel: [phone]
Bell Pottinger Victoria Geoghegan Nick Lambert Elizabeth Snow	Tel: [phone]

Notes to editors:

About UNITE

UNITE is the UK's leading manager and developer of student accommodation. We provide a home for 41,000 students in over 120 purpose built properties across 23 of the UK's strongest university towns and cities. We have nearly 1,000 employees and work in partnership with over 50 higher education providers, as well as renting rooms directly to students. In May 2013 UNITE was awarded Student Accommodation Provider of the Year at Property Week's RESI Awards.

Our culturally-diverse customers are at the heart of our business and we aim to provide a home for students that supports their success, whether defined as academic achievement, personal growth or employability. Our properties provide high quality, well-located, safe accommodation that is close to university campuses, transport and local amenities. Our rent includes a study bedroom, all bills, insurance, 24-hour security and high speed Wi-Fi throughout our buildings.

Founded in 1991, UNITE is a FTSE 250 company listed on the London Stock Exchange. We are pursuing a sustainable growth strategy designed to make the most of the resilient nature of the student accommodation sector. We aim to maintain the strongest brand in the sector and operate the highest quality portfolio through consistent investment in and improvement to our operating platform, highly selective development activity, asset management initiatives and portfolio recycling.

In addition to our wholly owned properties, we are also invested in and operate a small number of specialist funds and joint ventures with institutional investment partners, the largest of which is the £1.35 billion UNITE Student Accommodation Fund (USAF).

The Group's charitable trust, the UNITE Foundation, supports widening access to higher education, integrating students into the community and employability. It provides scholarships for disadvantaged students at seven universities and volunteering opportunities for our students and employees through partner organisations.

For more information visit our corporate website: www.unite-group.co.ukor www.unite-students.com

 

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