Unite buys student accommodation site in Liverpool

Unite Group has acquired a development site in the centre of Liverpool with planning consent for 713 student bedrooms.

The company said the density of the site has the potential to be significantly improved to provide a home for over 1,000 students.

The scheme is expected to achieve returns in line with Unite's target for regional development and the total development cost, including the cost of the land, is expected to be around £70m.

Unite said delivery of the scheme – which is expected to be open in time for the 2019/20 academic year – will be funded by internally generated sources and will continue to drive the group's earnings visibility and net asset value growth.

The group, which develops and manages student accommodation, said the site is in a prime city centre location adjacent to Unite's Grand Central property and close to the University of Liverpool and Liverpool John Moores University.

Richard Simpson, managing director of Property for Unite Students, said: “We are delighted to have acquired this site in Liverpool for delivery in 2019 to add to our existing portfolio in the city.

“We will continue our progress on our secured pipeline in regional locations with strong student markets."

At 0857 BST, Unite shares were up 1% to 627.50p.