Student residential developer will own majority of vehicle
Unite Students has agreed a joint venture framework agreement with Manchester Metropolitan University for the development of 2,300 new student beds.
Under the terms of the agreement, the specialist student developer will serve as developer, asset manager and operator of the accommodation scheme at the University’s Cambridge Halls site in the city centre.
It will bear roughly £275m of the £390m development cost, with a 70% ownership share of the JV.
Cambridge Halls, which the university has committed to closing was built in the 1990s and currently provides 770 beds.
Submission of the planning application for the development is expected later in the second quarter, with the JV officially formed around the end of 2025, followed by the start of work on site.
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The project is scheduled for delivery in 2029 and 2030.
Andrew Fallon, chief property officer, Manchester Metropolitan University, said: “This joint venture will provide much needed additional purpose-built student accommodation in Manchester, right on the doorstep of our University.
“The project will not only enhance the quality of housing for students, but also benefit the surrounding community through new health, wellbeing, and retail offerings.”
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