(Sharecast News) - Student housing developer and operator Unite Group has received resolution to grant planning permission for its 700-bed student accommodation development at Derby Road in Nottingham, it announced on Monday.
The FTSE 250 company said the direct-let development, adjacent to the University of Nottingham campus, would open in time for the 2023-2024 academic year.
It said it was successful in securing additional beds for the scheme through the planning process, resulting in total development costs of £57m.
The scheme would deliver a development yield in line with the company's stated targets, the board said.
It added that the development would target a BREEAM 'Excellent' rating and net zero carbon in operations through its design, the integration of solar panels at roof level and an all-electric heating system, including high efficiency air-source heat pumps.
The development would also deliver a "substantial" biodiversity improvement, through opening and improving access to the River Leen.
"We are delighted to have secured planning approval for this exciting development, which allows us to deliver high quality, student accommodation that complements the surrounding area," said group property director Nick Hayes.
"The University of Nottingham is one of the UK's leading universities and we are delighted to support their future growth.
"The development reflects our strategy of increasing our alignment to the strongest universities and will help to deliver operational efficiencies through greater scale in Nottingham."
At 0808 GMT, shares in Unite Group were down 1.37% at 1,006p.
Unite (UTG)17 May 2024 15:43