26th Jan 2016 08:08
LONDON (Alliance News) - Student accommodation developer Unite Group PLC said on Tuesday it had acquired a site a student housing site in the centre of Coventry, scheduled to open in time for the 2017/18 academic year.
Unite said the site would house approximately 370 students and would be in close proximity to Coventry University campus, where the developer said demand is increasing due to rising student numbers. UCAS acceptances for the university increased 14% this year.
The total cost of the development, including the cost of the land, is expected to be approximately GBP24 million.
Unite said it expects the scheme, which is subject to planning, to achieve returns in line with its targets for regional development.
"We are delighted to have acquired a further site in Coventry for delivery in 2017. Coventry University has continued to perform strongly, driving high levels of demand for good quality, well located purpose built student accommodation," said Richard Simpson, managing director of property for Unite Students.
Unite Group shares were trading down 0.3% at 629.50 pence on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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