Unite Group obtains planning consent for new development in Liverpool

Unite secured planning consent for a development site in the centre of Liverpool in under six months since acquisition, cementing its presence in the market for student accomodation in that city.

The development will house 1,085 student bedrooms, boosting the student accomodation provider´s pipeline for the next three years to over 5,000 beds.

The new scheme, which will be built next to its Grand Central student village, enhances Unite´s visibility on its earnings outlook and is seen contributing roughly two pence per share to its EPRA earnings once completed and occupied, the company said in a statement.

Management is targetting returns in line with those for its other regional development projects.

At a total development cost of £70m, the scheme was to be funded from internally generated sources.

Richard Simpson, Managing Director of Property for Unite Students, commented: "We are delighted to have secured planning consent for this site in Liverpool, which is one of the UK's most popular university cities, with a growing student population and where we have significant experience having operated for over 15 years."

The company anticipated the new property would be ready in time for the 2019/20 academic year.