The £95 million project will provide affordable and sustainable accommodation for students in the city
Unite Students, the UK’s leading provider of student accommodation, has announced a deal to deliver an 800-bed development in Glasgow. The project is part of the High Street goods yard site masterplan, which aims to transform a derelict area into a vibrant mixed-use neighbourhood.
The development will cost £95 million and is expected to be completed by the 2026/27 academic year. Unite Students said it will work with one or more of the city’s universities to offer at least half of the beds on a long-term basis. The company also said it will fund the project from the proceeds of its recent capital raise.
The development will feature high-quality, affordable and energy-efficient flats for students, as well as communal facilities and outdoor spaces. The company said it will achieve a yield on cost of around 7.5% and enhance its portfolio in Glasgow, where it currently operates 3,000 beds.
Unite Students’ group investment director, Michael Burt, said he was excited to partner with Glasgow City Council and to support the growth of the city’s universities. He said the development will create new supply of student housing in a prime location and contribute to the regeneration of the area.
Glasgow City Council’s leader, Susan Aitken, said she was delighted to see the project progress. She said the council is committed to delivering more student accommodation and working with private developers to meet the demand. She said the project will provide benefits for students, residents and businesses in the city.