Unite Group acquires Edinburgh development site

18th Feb 2014 07:03

Student accommodation developer UNITE Group has acquired a 1.8 acre site in central Edinburgh, close to the university. The development costs total around £38m, with the property expected to deliver returns in line with the company's targets for regional development. The scheme is expected to be complete in time for the 2016/17 academic year. It is the third project to be funded from the proceeds of the group's June 2013 share placing. Managing Director of Property, Richard Simpson, said: "There are 41,000 full-time students seeking accommodation in Edinburgh with only 12,500 corporate and university bed spaces available. "This structural shortage and the strong central location of this site mean the property is well located for University of Edinburgh students and will also appeal to students from other Edinburgh institutions such as Napier University, Herriot Watt University and Queen Margaret University."The scheme, which is subject to planning, is anticipated to be made up of shared flats with communal living and kitchen spaces, and self-contained studios, over five storeys. The company also revealed it is in "exclusive negotiations" to acquire a further site in a similarly strong regional location, which would account for the remainder of the proceeds of the placing. NR