New student accommodation in Portsmouth gets planning permission
Plans to build new student accommodation in Portsmouth have been approved by the local council, with construction work set to start shortly, a recent news report in the local media was able to reveal.
The site located in Portsmouth’s Greetham Street is being acquired from Portsmouth City Council. Unite Students, the developer, will provide a home for 836 students, due to be completed for the the 2016/17 academic year.
The development represents a £42 million investment, and is projected to have a development yield of 9.5%.
Richard Simpson, Managing Director of Property for Unite Students, said: "We are very pleased to have received planning for this development in a prominent city centre location in Portsmouth. The acquisition forms part of our regional development strategy where there is a growing demand for student accommodation. This year we have seen university applications continue to outstrip available places and there is a growing need for safe, secure purpose built student accommodation."
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