Unite Students has bought a development site in Sheffield on which it plans to construct a residential scheme with 570 student beds.
Total development costs, including the purchase of the land, are expected to be £35 mln (€39 mln), which will be funded internally.
Unite said that the project was likely to achieve a return on cost of 8-8.5%, in line with its target for regional development.
'This acquisition extends our high-quality, development programme in a strong regional location where there is growing demand for purpose built student accommodation. Sheffield is a key city for Unite and we will be able to drive efficiencies from our scale and enhance services to our customers and university partners,' commented Richard Simpson, Group Property Director for Unite Students.
'We continue to see good opportunities to secure land alongside leading regional Universities to supplement our development pipeline for delivery in 2019 and 2020,' added Simpson.
The new development will increase the number of Unite beds in Sheffield to around 4,300, across nine properties.
The scheme should be delivered in time for the 2019/2020 academic year.
