UK student housing company Unite Group has said it has secured planning permission for two developments in the university cities of Oxford and Edinburgh. Overall investment for the two schemes, which comprise a total of 604 student beds, will amount to roughly £57mln (EUR 73mln).
UK student housing company Unite Group has said it has secured planning permission for two developments in the university cities of Oxford and Edinburgh. Overall investment for the two schemes, which comprise a total of 604 student beds, will amount to roughly £57mln (EUR 73mln).
In Oxford, Unite is investing £30mln for a 353-bed scheme at Slade Park. The project, which will start onsite in spring 2009, is being developed in conjunction with Berkeley Homes, which is building 72 residential homes. The project is Unite's first in Oxford while a 251-bed scheme on Chalmers Street in Edinburgh, will be its seventh in that city. That project is due to start in June and will mean that the student-housing group will be providing housing for some 1,500 students in the Scottish city. The £27mln investment brings Unite's total investments in the city to about £180mln.
'Our investment in Oxford and Edinburgh furthers our strategy of securing the very best locations within markets that demonstrate high student demand and constrained existing accommodation supply,' said Unite Group property director Tim Mitchell. 'In addition, the markets in both these cities are holding up extremely well in value terms, not least because of their academic prestige which ensures consistent student demand.'
