Unite plans Glasgow student housing scheme

Unite Students has entered an option agreement to acquire a new 800-bed development scheme in central Glasgow.

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Subject to planning, the organisation will deliver the new student housing as a university partnership with at least half of the beds to be let on a multi-year nominations agreement to an unnamed “leading university”.

With a total development cost of £95m, the project is expected to deliver a yield on cost of around 7.5%.

“Our latest development will create new supply of high quality, affordable student accommodation in Glasgow to support the continued growth of our university partners,” said Michael Burt, group investment director at Unite Students.

Meanwhile, the firm said it continues to make “good progress” on its development pipeline, having reached practical completion on its Morriss House scheme in Nottingham and begun work on-site at the Temple Quarter development in Bristol.