A 573-bed student accommodation scheme is to be built in Manchester city, as Unite Students has just received the planning permission.
In the next three years, a development system of 6,500 beds is to be conducted by Unite to provide transparency of its financial growth and partner with mid to high-ranking universities.
The total development cost of the scheme is expected to be around £50 million, and it will be financed through internal resources and is predicted to attain a relent on the cost of 8% and to contribute to 1p per share to EPRA earnings once complete. The £50m tower block will be constructed on New Wakefield Street, an established area for student accommodation in Manchester city centre. The architect for the 30-storey tower is Simpson Haugh and Bowmer & Kirkland is the main contractor.
Group property director Richard Simpson said: "Manchester has the largest student population in the UK after London with two high-quality universities, making it a strong market for Unite Students. We are very proud to build on our presence in such a fantastic city."
Unite already is one of the biggest student accommodation providers in the UK and it has five properties in Manchester providing stylish studios and en-suites for more than 2,300 students, which will grow to 2,900 on completion of this new scheme which is expected to be in 2020.