Unite Group PLC, a leading provider of student housing based in Bristol, has announced a joint venture with Newcastle University to create 2,000 new student beds, scheduled for completion in 2027 and 2028. The collaboration will see the closure and demolition of the existing Castle Leazes accommodation on the university grounds starting in summer 2024, paving the way for an ambitious redevelopment project. With an overall development cost estimated at £250 million, Unite Group’s contribution is pegged at £128 million, reflecting a 51% ownership stake in the venture. This financial commitment is anticipated to be around £70 million. The project’s progression is contingent upon securing planning permission, for which applications are expected to be submitted by the end of the first quarter of 2024.

Joe Lister, Unite’s Chief Executive Officer, highlighted the company’s strategic position to alleviate the student housing shortfall through its robust university partnerships, operational excellence, and development expertise. Lister emphasized the opportunity for Unite to become the preferred partner for universities looking to enhance their campus facilities and explore new financing avenues for accommodation projects.