Student accommodation developer Unite said it had bought a 270-bed development site in Nottingham’s city centre.
Total development costs for the scheme, which would open for the 2024/25 academic year, were estimated to be £34 million, the company said.
Unite said the direct-let development was expected to deliver a yield on cost of 7%, reflecting lower risks for a project with planning approval already secured.
The company already owns and manages around 1,900 student accommodation beds in Nottingham with a further 970 beds to be added in the city across the new city centre site and the company’s 700-bed consented development at Derby Road, due for delivery in 2023.
