19th Mar 2014 07:53
LONDON (Alliance News) - Unite Group PLC said Wednesday it has received planning approval for the development of a new student property in Islington, central London.
The FTSE 250-listed student accommodation developer and manager said the new site will comprise of 900 beds, with the 260,000 square foot scheme forecast to require total development costs of GBP93 million and yield on cost of 8.8%.
The central London site is on Holloway Road, and was acquired from London Metropolitan University in 2013. The 1.4 acre site has transport links to a number of London's university sites.
Unite said project completion is targeted for the summer of 2016, and that, "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, 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, said Unite.
"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," said Richard Simpson, Managing Director of Property.
The accommodation will contain a mix of shared flats, with communal living and kitchen spaces, as well as self-contained studios.
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By Alice Attwood; [email protected]; @AliceAtAlliance
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