There is a some good news in the student accommodation sector as Unite PLC sign up to a joint venture with the Bahrainian Oasis Capital Bank. They will fund the development of three new student accommodation properties in London with a completed value of £194m. For their part Unite will provide the pre-fabricated accommodation module at market value and manage the project for a 5% fee. After completion Unite will manage the schemes.
It’s a creative way to keep student development going forward and while the London schemes are very much in the elite segment of the market they will help to sustain the modern student accommodation model, further improving the living standards of residents.
The schemes are:
Lavington Street: a 230 bed development situated on the South Bank near the Tate Modern and in close proximity to Southwark underground station. Planning consent was granted in July 2008 and practical completion is scheduled for August 2010.
James Leicester Hall: a 573 bed development situated in an established student area adjacent to Caledonian Road underground station. The site was acquired in November 2008 with a detailed planning consent in place. Practical completion is scheduled for August 2010.
301 Holloway Road: a 316 bed development situated in Islington, adjacent to Holloway Road underground station and 200m from London Metropolitan University, North Campus. Planning consent was granted in August 2008, and practical completion is scheduled for August 201