UK’s leading manager and developer of student accommodation Unite Students has been granted planning approval to develop a student accommodation in Leeds.
The 928-bed student accommodation will be located in Merrion Way, close to both the University of Leeds and the Leeds Beckett University
The site will increase Unite’s Leeds portfolio to 4,376 beds, serving a student population of 58,000. In the last five years, Unite’s occupancy in the city has been 99% with over 1,800 beds subject to nominations agreements with Leeds universities.
The agreement will generate a development yield in line with Unite’s target returns and will be funded from internally generated sources. The student accommodation is expected to be open for the 2020 academic year.
Group property director Nick Hayes commented: ‘Leeds is a strong performing market. We expect demand for quality, affordable student accommodation to grow and this development will help to fulfil that need.’