Member Article

Unite disposes of 427-bed Bloomsbury student property for £135m

Student accommodation developer Unite Students has disposed of 427-bed student property in Bloomsbury to GCP Student Living.

Contracts have been exchanged for Woburn Place in central London, which will see GCP acquire the building for £135m of which Unite’s share represents £67.5m of the total sale price.

Situated within walking distance of some of the capital’s biggest universities, including University College London and SOAS University of London, the total student population currently studying within proximity of the building is estimated to be around 100k, making it a prime asset for the new owners.

GCP has also said that it intends to fully refurbish the property at the end of the current academic year, with a particular focus on diversifying the portfolio of units at the site offering modern studios and single and double occupancy apartment style accommodation.

Robert Peto, Chairman at GCP, said: “The Board is delighted that the Company has been able to secure the acquisition of this exciting property.

“Its prime central London location, in close proximity to several large and globally recognised universities, further enhances the positioning of the portfolio in those areas which are strongly positioned to benefit from structural supply and demand imbalances in the student accommodation market.

“In particular, we believe this property will offer attractive rental growth prospects over the longer term.”

Richard Simpson, Unite’s Group Property Director, added: “We will continue to invest in our highly accretive development pipeline and to target further acquisitions that enhance the quality of our portfolio and support earnings growth.

“Our strategy remains focused on high quality Universities, where we see the most long-term growth.”