Last checked at 8 Sep 2014 07:00
Press release 8 September 2014 |
THE UNITE GROUP PLC
("Unite Students" / "Unite" / "Group" / "Company")
Unite Students secures planning approval for Portsmouth development
Unite Students, the UK's leading developer and manager of student accommodation, has received resolution to grant planning approval for the development of a 0.8 acre site in Portsmouth city centre. The site will provide a home for 836 students and completion is anticipated in time for the 2016/17 academic year.
The Greetham Street site is being acquired from Portsmouth City Council. The development represents a £42 million investment, and is projected to have a development yield of 9.5% in line with Group target levels and will add c5p to NAV and 1.5p to EPS.
Unite Students have operated in Portsmouth for 10 years and have three properties that provide a home for 1,400 students studying at The University of Portsmouth (UOP). Ranked 55 by The Times University league table, the city has one of the lowest supply ratios of purpose built student accommodation from the 23 cities Unite Students operate in. Unite is working closely with the local community, Portsmouth City Council and UOP to help accommodate a large and growing number of students studying in the city.
As part of Unite Students' commitment to provide a home for success for all students living with them, plans for the development include designated areas for private study, and generous communal space for students to socialise in. Students will benefit from features such as LED lighting, high speed 20Mb Wi-Fi and fortnightly cleaning for kitchens and communal areas within shared flats, all designed to help enhance students' learning and living experience, so they can achieve more from their time at university.
Richard Simpson, Managing Director of Property for Unite Students, said:
"We are very pleased to have received planning for this development in a prominent city centre location in Portsmouth. The acquisition forms part of our regional development strategy where there is a growing demand for student accommodation. This year we have seen university applications continue to outstrip available places and there is a growing need for safe, secure purpose built student accommodation.
"The site is ideal for University of Portsmouth students, being close to campus and will provide a safe and modern home that supports students' success."
ENDS
For further information, please contact:
The Unite Group plc Daniel Thomas Rebecca Murch
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Tel: 0117 302 7076 Tel: 0117 302 7081 |
Bell Pottinger Victoria Geoghegan Nick Lambert Elizabeth Snow | Tel: 020 3772 2562 |
About Unite Students
Unite Students is the UK's leading manager and developer of student accommodation. We provide a home for over 43,000 students in 130 purpose built properties across 23 of the UK's strongest university towns and cities. We have over 1,000 employees and work in partnership with over 50 higher education providers, as well as renting rooms directly to students.
Our culturally-diverse customers are at the heart of our business and we aim to provide a home for students that supports their success, whether defined as academic achievement, personal growth or employability. Our properties provide high quality, well-located, safe accommodation that is close to university campuses, transport and local amenities. Our rent includes a study bedroom, all bills, insurance, 24-hour security and high speed Wi-Fi throughout our buildings.
Founded in 1991, Unite Group is a FTSE 250 company listed on the London Stock Exchange. We are pursuing a sustainable growth strategy designed to make the most of the resilient nature of the student accommodation sector. We aim to maintain the strongest brand in the sector and operate the highest quality portfolio through consistent investment in and improvement to our operating platform, highly selective development activity, asset management initiatives and portfolio recycling.
In addition to our wholly owned properties, we are also invested in and operate a small number of specialist funds and joint ventures with institutional investment partners, the largest of which is the £1.5 billion Unite UK Student Accommodation Fund (USAF).
The Group's charitable trust, the Unite Foundation, supports widening access to higher education, integrating students into the community and employability. It provides scholarships for disadvantaged students at seven universities and volunteering opportunities for our students and employees through partner organisations.
For more information visit our corporate website: www.unite-group.co.uk or www.unite-students.com.