Unite wins planning approval for London accommodation

19th Mar 2014 07:05

Unite has won planning approval to develop a new student property in Islington, London.The accommodation will include 900 beds and covers 260,00 sq ft at a cost of £93m and a yield on cost of 8.8%.The central London, 1.4 acre site on Holloway Road was acquired from London Metropolitan University in 2013, subject to planning.The project will be developed by The London Student Accommodation Vehicle (LSAV), Unite's joint venture with GIC.The project is targeted for completion in summer 2016.Richard Simpson, Managing Director of Property, said: "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."The accommodation will contain a mix of shared flats, with communal living and kitchen spaces, and self-contained studios. The plans also include common areas, study rooms, a courtyard and several terraces.RD