Announcement comes days after firm reported £120m pre-tax loss for 2020

Student housing developer Unite has received permission for a 700-bed scheme on Derby Road in Nottingham.

The firm said the £57m development, which will achieve a Bream Excellent rating and be operationally net zero carbon, will now open in time for the 2023/24 academic year.

Nick Hayes, group property director at Unite said the development reflected its strategy of increasing our alignment to the UK’s strongest universities. He said: “We are delighted to have secured planning approval for this exciting development, which allows us to deliver high quality, student accommodation that complements the surrounding area.”

Unite Students_Derby Road_Nottingham_CGI v1

The announcement comes just days after the firm reported a £120m pre-tax loss for the 2020 calendar year, in which it saw rental income fall and the value of its schemes marked down as the pandemic hit.

However, the firm said its EPRA earnings – which measures the underlying operational profit of the business – fell by just 12% to £97.3m.

The firm, which pasued work on several schemes during 2020, said it was targeting a development rate of around 1,500-2,000 new beds per annum.