Unite has agreed the purchase of a one acre site in the centre of Aberdeen, subject to planning consent, for a 120,000 square foot development to house approximately 400 students.
Unite already has four properties in Aberdeen, comprising 1,300 beds.
The new site is currently occupied by a derelict, listed school building, and the development will include refurbishment of this as part of the design of the property. The listed building, once renovated, will house 18% of bedrooms.
Completion is targeted for September 2016.
This will be Unite’s second project to be funded from the proceeds of its June 2013 share placing, following the acquisition of a site in Newcastle last month. These two projects account for approximately 40% of the capital raised.
Unite is also in exclusive negotiations to acquire two further sites in other regional locations and which are expected to exchange later in the first quarter of 2014. These two would account for the remainder of the June 2013 share placing proceeds.
Unit managing director of property Richard Simpson said: "This acquisition marks further progress with Unit’s selective regional development programme and is a prime example of how we are investing the proceeds from our 2013 share placing. This site is in an excellent central location, in a market with favourable supply/demand dynamics and in a city we expect to experience continued growth. By renovating and bringing back into use a listed building, we are pleased to contribute to the regeneration of this city centre location.”
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